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8. What is the retained earnings balance ending December 31, 2021? * On January 1, 2021, MARVEL Corporation's shareholders' equity comprised of P5,000,000 share capital, par P100, P3,000,000 of share premium and retained earnings of P1,500,000. During the year, MARVEL had the following selected transactions in chronological order: • Corrected overstatement of 2020 net income because of depreciation error, P50,000 • Share dividend of 15% was declared and issued when the shares are selling at P120 per share. Declared a cash dividend of P1.75 per share Net income for the year amounts to P850,000

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 records of Roland Carlson Inc. for the year 2020. Income tax applicable to income from continuing operations $187,000; income tax applicable to loss on discounted operations $25500, and unrealized holding gain on available-for-sale securities (net of tax) $15000.            Gain on sale of equipment.    $95,000.    Cash dividends declared $150,000  loss on discounted operations 75,000.     Retained earnings January 1, 2020 600,000 Administrative expenses    240,000    Cost of goods sold 850,000  Rent revenue    40,000    Selling expenses 300,000 Loss on write- down of inventory   60,000    Sales revenue 1,900,000  Shares outstanding during 2020 were 100,000.  a. Prepare a single-step income statement (with respect to items in income from operations)  b. Prepare a comprehensive income statement for 2020, using the two statement format.  c. Prepare a retained earnings statement for 2020

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…

Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?

On January 1, 2020, Acker Inc. had the following balance sheet. Acker Inc.Balance SheetAs of January 1, 2020 Assets    Equity Cash $ 50,000    Common stock $260,000 Debt investments (available-for-sale)  240,000    Accumulated other comprehensive income   30,000 Total $290,000    Total $290,000 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Acker Inc.'s available-for-sale debt securities at December 31, 2020, was $190,000; its cost was $140,000. No securities were purchased during the year. Acker Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) Acker Inc.Income StatementFor the Year Ended December 31, 2020    Dividend revenue    $ 5,000       Gain on sale of investments     30,000       Net income    $35,000    Instructions (Assume all transactions during the year were for cash.)  a. Prepare the journal entry to record the sale of the…

On January 1, 2025, Artic Inc. had the following balance sheet: Cash Total Debt investments (available-for-sale) 363,000 $434,000 Assets Interest revenue ARTIC INC. BALANCE SHEET AS OF JANUARY 1, 2025 ARTIC INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 $11,000 Gain on sale of investments Net income $71,000 Common stock (a) The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Artic Inc.'s available-for-sale debt securities at December 31, 2025, was $310,000; its cost was $277,000. No debt securities were purchased during the year. Artic Inc.'s income statement for 2025 was as follows: (Ignore income taxes.) 28,000 $39,000 (Assume all transactions during the year were for cash.) Accumulated other comprehensive income Total Equity $389,000 Debit 45,000 $434,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (Credit account titles are…

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

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On January 1, 2020, Wildhorse Inc. had the following balance sheet. WILDHORSE INC. BALANCE SHEET AS OF JANUARY 1, 2020 Assets Cash Debt investments (available-for-sale) Total $54,300 256,700 $311,000 Dividend revenue Gain on sale of investments Net income WILDHORSE INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $5,500 29,700 $35,200 Equity Common stock Accumulated other comprehensive income Total The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Wildhorse Inc's available-for-sale debt securities at December 31, 2020, was $181,900; its cost was $128,800. No securities were purchased during the year. Wildhorse Inc.'s income statement for 2020 was as follows. (Ignore income taxes.) $277,200 33,800 $311,000

Cullumber Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021: Accumulated other comprehensive income (loss) $( 22,000 ) Contributed surplus-reacquisition of common shares 505,000 Retained earnings 1,400,000 Common shares ( 30,000 shares) 780,000 Cullumber had the following transactions and events during 2021: Feb. 2 Repurchased 1,100 shares for $ 48,400. Apr. 17 Declared and paid cash dividends of $ 77,000. Oct. 29 Issued 1,500 shares for $ 106,000 cash. Dec. 31 Reported comprehensive income of $ 377,000, which included other comprehensive income of $ 45,000. Prepare journal entries to record the transactions that took place during 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit…

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.