On January 1, 2021, Jeremiah Company purchased trading equity investments which are irrevocably designated at FVPL: Security Purchase price Transaction costs Fair value, Dec. 31, 2021 A P1,000,000 P100,000 P1,500,000 2,000,000 200,000 2,400,000 C 4,000,000 400,000 4,700,000 On July 5, 2020, the entity sold Security C amounting to P5,200,000.

On January 1, 2021, Jeremiah Company purchased trading equity investments which are irrevocably designated at FVPL: Security Purchase price Transaction costs Fair value, Dec. 31, 2021 A P1,000,000 P100,000 P1,500,000 2,000,000 200,000 2,400,000 C 4,000,000 400,000 4,700,000 On July 5, 2020, the entity sold Security C amounting to P5,200,000.

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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Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Federal income tax due for the previous year is paid.
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WHY DOESNT THE NET INCOME AND RETAIN EARNING HAVE A 2020 AND 2021 COLUMN AS LIKE THE ASSET COLUMN
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