Answered: 2021 statement of financial position of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4-15. ABC Company retired 50,000 ordinary shares, P5 par value, which it held in the treasury at an average cost of P26 per share on December 31, 2021. The balance in ABC's shareholders' equity accounts before recording the retirement of the treasury shares are:

Ordinary share capital 1,080,000

Share premium 1,500,000

Treasury shares (at cost) 1,300,000

Retained earnings 1,800,000

ABC should reported ordinary shares outstanding in its December 31, 2021 statement of financial position of?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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