ENOLA HOLMES Company provided the following information at year end: Share premium Accounts payable Preference share capital, at par Ordinary share capital, at par 1,000,000 1,100,000 2,000,000 3,000,000 Sales 10,000,000 7,800,000 Total expenses Treasury shares - ordinary 500,000 Dividends 700,000 Retained earnings - beginning 1,000,000
ENOLA HOLMES Company provided the following information at year end: Share premium Accounts payable Preference share capital, at par Ordinary share capital, at par 1,000,000 1,100,000 2,000,000 3,000,000 Sales 10,000,000 7,800,000 Total expenses Treasury shares - ordinary 500,000 Dividends 700,000 Retained earnings - beginning 1,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What amount should be reported as shareholders' equity at year end?
a. 8,000,000
b. 8,500,000
c. 5,800,000
d. 8,700,000
![ENOLA HOLMES Company provided the following information at year end:
Share premium
Accounts payable
Preference share capital, at par
Ordinary share capital, at par
1,000,000
1,100,000
2,000,000
3,000,000
Sales
10,000,000
7,800,000
Total expenses
Treasury shares - ordinary
500,000
Dividends
700,000
Retained earnings - beginning
1,000,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2eb04853-8527-4979-9cae-8516db68b6ff%2F719f99a0-bd82-4514-b69e-5be3930eaf17%2Fozivz2j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ENOLA HOLMES Company provided the following information at year end:
Share premium
Accounts payable
Preference share capital, at par
Ordinary share capital, at par
1,000,000
1,100,000
2,000,000
3,000,000
Sales
10,000,000
7,800,000
Total expenses
Treasury shares - ordinary
500,000
Dividends
700,000
Retained earnings - beginning
1,000,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education