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An alphabetical list of account balances from the books of Maria Company on December 31, 2021 is presented below:   Accounts Payable P25,000 Cash Surrender Value of Life Insurance 29,000 Ordinary Share Capital, P100 par 1,000,000 Dividends declared 250,000 Mortgage Payable (including P200,000 due in six months ) 1,200,000 Notes Payable, 10% (Due Jan. 1, 2026) 1,500,000 Share Premium - Ordinary 250,000 Preference Share Capital, P200 par 450,000 Share Premium - Preference 25,000 Profit and Loss Summary, debit balance 500,000 Retained Earnings, Jan. 1, 2021 1,550,000 Unearned Rent Income 33,000   What is the total shareholders' equity? a. P2,500,000 b. P1,725,000 c. P2,525,000 d. P1,700,000

An alphabetical list of account balances from the books of Maria Company on December 31, 2021 is presented below:   Accounts Payable P25,000 Cash Surrender Value of Life Insurance 29,000 Ordinary Share Capital, P100 par 1,000,000 Dividends declared 250,000 Mortgage Payable (including P200,000 due in six months ) 1,200,000 Notes Payable, 10% (Due Jan. 1, 2026) 1,500,000 Share Premium - Ordinary 250,000 Preference Share Capital, P200 par 450,000 Share Premium - Preference 25,000 Profit and Loss Summary, debit balance 500,000 Retained Earnings, Jan. 1, 2021 1,550,000 Unearned Rent Income 33,000   What is the total shareholders' equity? a. P2,500,000 b. P1,725,000 c. P2,525,000 d. P1,700,000

FINANCIAL ACCOUNTING
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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An alphabetical list of account balances from the books of Maria Company on December 31, 2021 is presented below:

 

Accounts Payable

P25,000

Cash Surrender Value of Life Insurance

29,000

Ordinary Share Capital, P100 par

1,000,000

Dividends declared

250,000

Mortgage Payable (including P200,000 due in six months )

1,200,000

Notes Payable, 10% (Due Jan. 1, 2026)

1,500,000

Share Premium - Ordinary

250,000

Preference Share Capital, P200 par

450,000

Share Premium - Preference

25,000

Profit and Loss Summary, debit balance

500,000

Retained Earnings, Jan. 1, 2021

1,550,000

Unearned Rent Income

33,000

 

What is the total shareholders' equity?

a. P2,500,000
b. P1,725,000
c. P2,525,000
d. P1,700,000
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