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How much will be the total shareholders' equity from the following: 6% Preference shares, P50 par, 10,000 shares authorized, 6,000 shares issued. Ordinary shares, P10 par, 80,000 shares authorized, 50,000 shares issued. Ordinary Share Premium - P120,000 Paid-in capital in excess of par, preference shares - P90,000 Retained earnings, Beg. Balance - P86,000 Net income for the year - P145,000  Cash dividend declared and paid -P70,000 Treasury Stock, 350 Ordinary shares, at Cost - P8,400

How much will be the total shareholders' equity from the following: 6% Preference shares, P50 par, 10,000 shares authorized, 6,000 shares issued. Ordinary shares, P10 par, 80,000 shares authorized, 50,000 shares issued. Ordinary Share Premium - P120,000 Paid-in capital in excess of par, preference shares - P90,000 Retained earnings, Beg. Balance - P86,000 Net income for the year - P145,000  Cash dividend declared and paid -P70,000 Treasury Stock, 350 Ordinary shares, at Cost - P8,400

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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How much will be the total shareholders' equity from the following:

6% Preference shares, P50 par, 10,000 shares authorized, 6,000 shares issued.

Ordinary shares, P10 par, 80,000 shares authorized, 50,000 shares issued.

Ordinary Share Premium - P120,000

Paid-in capital in excess of par, preference shares - P90,000

Retained earnings, Beg. Balance - P86,000

Net income for the year - P145,000 

Cash dividend declared and paid -P70,000

Treasury Stock, 350 Ordinary shares, at Cost - P8,400

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