A Company provided the following balances on December 31, 2021: Subscription receivable 100,000 Losses from investment in equity FVTOCI 60,000 Accrued taxes 15,000 Ordinary share capital 2,500,000 Profit for the year 1,200,000 Retained earnings, beginning balance 3,500,000 Salaries payable 80,000 Share dividends payable 50,000 Treasury shares, at cost 300,000 Unamortized issue cost on notes payable 10,000 Unearned rent income 60,000 Accounts payable (net of accounts with debit balances of P100,000) 300,000 Dividends paid 250,000 Mortgage payable (P800,000 due in 8 months) 3,000,000 Trade notes payable, due on January 31, 2023 600,000 Share premium 200,000 Preference share capital 1,300,000 Discount on notes payable 200,000 [Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9) retained earnings and (10) shareholder’s equity on December 31, 2021.
A Company provided the following balances on December 31, 2021: Subscription receivable 100,000 Losses from investment in equity FVTOCI 60,000 Accrued taxes 15,000 Ordinary share capital 2,500,000 Profit for the year 1,200,000 Retained earnings, beginning balance 3,500,000 Salaries payable 80,000 Share dividends payable 50,000 Treasury shares, at cost 300,000 Unamortized issue cost on notes payable 10,000 Unearned rent income 60,000 Accounts payable (net of accounts with debit balances of P100,000) 300,000 Dividends paid 250,000 Mortgage payable (P800,000 due in 8 months) 3,000,000 Trade notes payable, due on January 31, 2023 600,000 Share premium 200,000 Preference share capital 1,300,000 Discount on notes payable 200,000 [Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9) retained earnings and (10) shareholder’s equity on December 31, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A Company provided the following balances on December 31, 2021:
Subscription receivable
100,000
100,000
Losses from investment in equity FVTOCI 60,000
Accrued taxes 15,000
Ordinary share capital 2,500,000
Profit for the year 1,200,000
3,500,000
Salaries payable 80,000
Share dividends payable 50,000
Treasury shares, at cost 300,000
Unamortized issue cost on notes payable 10,000
Unearned rent income 60,000
Accounts payable (net of accounts with debit balances of P100,000)
300,000
Dividends paid 250,000
Mortgage payable (P800,000 due in 8 months)
3,000,000
Trade notes payable, due on January 31, 2023
600,000
Share premium 200,000
1,300,000
Discount on notes payable 200,000
[Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9)
retained earnings and (10) shareholder’s equity on December 31, 2021.
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