Avengers Company provided the following current assets and shareholders' equity at year-end: Cash 600,000 Financial assets at fair value through profit or loss, including cost of P300,000 of Avengers Company shares 1,000,000 Accounts receivable 3,500,000 1,500,000 6,600,000 Inventory Total current assets Share capital 5,000,000 2,000,000 Share premium Retained earnings Total shareholders' equity 500,000 7,500,000 3. What amount should be reported as total shareholders' equity?
Avengers Company provided the following current assets and shareholders' equity at year-end: Cash 600,000 Financial assets at fair value through profit or loss, including cost of P300,000 of Avengers Company shares 1,000,000 Accounts receivable 3,500,000 1,500,000 6,600,000 Inventory Total current assets Share capital 5,000,000 2,000,000 Share premium Retained earnings Total shareholders' equity 500,000 7,500,000 3. What amount should be reported as total shareholders' equity?
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...
Related questions
Question
a. What is the amount of total shareholders' equity?
b. What is the balance of retained earnings at year-end?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning