ACG Company's adjusted trial balance at December 31, 2021, includes 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 Vhat amount should MCG report as total shareholders' equity in its De
ACG Company's adjusted trial balance at December 31, 2021, includes 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 Vhat amount should MCG report as total shareholders' equity in its De
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79aad7c5-bb6b-4529-9865-60b69f633f18%2F8f6214d3-8fcf-4604-84aa-c530cea30619%2Fahycx0i_processed.png&w=3840&q=75)
Transcribed Image Text: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
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