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Sunland Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021: Accumulated other comprehensive income (loss) Contributed surplus-reacquisition of common shares Retained earnings Common shares (25,000 shares) Feb. 2 Sunland had the following transactions and events during 2021: Apr. 17 Oct. 29 $ (26,000) Dec. 31 559,000 1,600,000 625.000 Repurchased 1.200 shares for $57,600. Declared and paid cash dividends of $71,000. Issued 1,900 shares for $106,000 cash. Reported comprehensive income of $415,000, which included other comprehensive income of $31.000.

The following information was taken from the accounting records of ATLANTA Company for the year ended December 31, 2021: Net income during the year, P2,250,000Proceeds from the issuance of preference shares, P4,000,000Dividends paid on preference shares, P400,000Bonds payable converted to ordinary shares, P2,000,000Payment for purchase of machinery, P500,000Proceeds from sale of plant building, P1,200,000Retirement of bonds payable at face value, P2,500,0002% bonus issue on ordinary shares, P300,000Purchase of ordinary treasury shares, P120,000Payment for the purchase of debt securities at amortized cost, P450,000Gain on sale of plant building, P200,000Depreciation expense, P188,000Doubtful accounts expense, P87,000Increase in accounts receivable, P325,000Decrease in merchandise inventory, P129,000Increase in investments in equity securities at FVTPL, P440,000Increase in accounts payable, P90,000Decrease in accrued expenses, P225,000Increase in income tax payable, P117,000 How much is…

5. An entity provided the following data for the year ended December 1, 2019: Retained earnings unappreciated, January 1 P2 000 000 Overdepreciation of 2018 due to prior period, net of tax 400 000 Net Income 3 000 000 Retained earnings appreciated for treasury shares (original balance is P500 000 but reduced by P200 000 by reason of reissuance of the treasury shares) Retained earnings appropriated for contingencies (beginning balance P700 000 but increased by current appreciation of P100 000) Cash dividends paid to shareholders Change in accounting policy from FIFO to a average-credit, net of tax • What is the balance of unappreciated retained earnings on December 31, 2019?

The Dec. 31, 2021 balance sheet of Jasmine Corp. showed shareholders' equity of P448,700. Transactions during 2021 which affected the shareholders' equity were: (1) an adjustment to Retained Earnings for an overstatement of depreciation in 2020 P10,000; (2) gain on the sale of treasury shares, P9,000; (3) declared dividends of P60,000 of which P40,000 were paid during the year; and (4) net income after tax of P75,500. The share capital balance of P300,000 remain unchanged during the year. The retained earnings balance on Jan. 1, 2020 was a. P134,200 b. P132,300 c. P123,200 d. P114,200

The following information was obtained from the financial records of Roger Ltd for the year ended 30 June 2020. Prepare the statement of profit or loss for the year ended 30 June 2020. Retained earnings 1 July 2019 $90 000 Sales revenue from continuing operations for the year $600 000 Finance costs $20 000 Estimated income tax expense for the year ended 30 June 2020 $112 500 Interim dividends paid (ordinary shares) $100 000 Write off research and development costs $5 000 Share capital (1 million $2 shares) $2 000 000 Expenses from ordinary activities (excluding finance costs) $200 000 Required: a) Prepare the statement of profit or loss for the year ended 30 June 2020.  b) Prepare statement of changes in equity for the year ended 30 June 2020

Se.27.

The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2022, were $2,140,000, and total assets at December 31, 2023, were $2,616,000. The company follows IFRS.   (a)   Prepare journal entries to record the transactions above.

Blush Company has the ability to exercise significant when the fair value of net assets was P20,000,000. outstanding ordinary shares of an investee for P4,000,000 On July 1, 2020 Blush Company purchased 20% of the influence over the operating and financial policies of the investee. The following data concerning the investee are available: 12 months ended December 31, 2020 December 31, 2020 6 months ended Net income Dividend declared and paid 3,000,000 1,900,000 1,600,000 1,000,000 in the income statement for the year ended December 31, o020, what amount of income should be reported from the investment?

A Company provided the following data for the current year: Gain on sale of equipment – P60,000; Proceeds from sale of equipment – P100,000; Purchase of bonds with P2,000,000 face value – P1,800,000; Amortization of bond discount – P20,000; Dividends declared – P450,000; Dividends paid – P380,000; Proceeds from sale of treasury shares (at cost P650,000) – P750,000 What amount should be reported as net cash used in investing activities? [A] 1,700,000 [B] 1,760,000 [C] 1,880,000 [D] 1,940,000

MCG Company's adjusted trial balance at December 31, 2021, includes the following: Ordinary share capital, P5 par P360,000 Share premium 480,000 Treasury shares, at cost 30,000 Cumulative net unrealized loss on equity securities at fair value through other comprehensive income 12,000 Retained appropriated for contingencies 90,000 Unappropriated retained earnings 120,000 What amount should MCG report as total shareholders' equity in its Deember 31, 2021 statement of financial position? (A) P1,068,000 B P1,008,000 (c) P1,032,000 D) P1,092,000

Presented below are selected ledger accounts of Tamarisk Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% Your answer is correct. Compute net income for 2020. Net income tA $ 96800 $55,000 110,000 88,000 594,000 231,000 22,000 16,500 44,000 33,000 99,000

River Co. reports the following for the year ended December 31: ⚫ Beginning balance of AOCI: $10,000 • Unrealized holding gain on available-for-sale securities (net of tax): $3,000 What is the ending AOCI balance?

Lyon Company shows the following condensed income statement information for the year ended December 31, 2019:     Income before discontinued operations $29,936 Less: Loss from discontinued operations loss (net of income tax) (2,176) Net income $27,760   Lyon declared dividends of $6,000 on preferred stock and $17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. If required, round your answer to two decimal places.