Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its December 31, 2020 statement of financial position. The following transactions happened during 2021: * On August 1, Party Company issued an additional 5,000 ordinary shares at P25 per share. * The company paid dividends totaling P80,000. * Net income during the year was P110,000. * Reacquired treasury shares of 2,000 at P30; subsequently, reissued 1,000 for P39. * No other changes occurred in the shareholders' equity for the year. What is the total equity that must be reported in the Statement of Changes in Equity for the year ended December 31, 2021?

Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its December 31, 2020 statement of financial position. The following transactions happened during 2021: * On August 1, Party Company issued an additional 5,000 ordinary shares at P25 per share. * The company paid dividends totaling P80,000. * Net income during the year was P110,000. * Reacquired treasury shares of 2,000 at P30; subsequently, reissued 1,000 for P39. * No other changes occurred in the shareholders' equity for the year. What is the total equity that must be reported in the Statement of Changes in Equity for the year ended December 31, 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Sandhu Travel Agency Ltd. has 400,000 common shares authorized and 126,000 shares issued on December…

A: Dividend income and Unrealized gain on long-term investments should be reported by MARX INC. in its…

Q: Assume an investee has the following financial statement information for the three years ending…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: a. Prepare a retained earnings statement for the month ended December 31, 2020. Remember to complete…

A: Retained earnings: The retained earnings contain a portion of the net income that is retained by the…

Q: What is the net loss reported in 2024 income statement?

A: Income statement is prepared by the business organization so as to know how much amount of gross…

Q: a. Compute basic earnings per share for 2019. b. Compute diluted earnings per share for 2019. c.…

A: a. Calculate Basic earnings per share for 2019.

Q: Treasury Stock Transactions SprayCo Inc. develops and produces spraying equipment for lawn…

A: a) When treasury stock is reissued at price more than cost, then premium is credited to paid-in…

Q: How do i calculate Times interest earned ratio and earnings per share for Costco 2023 & 2022?

A: Sure, I'll explain how to calculate the Times Interest Earned (TIE) ratio and Earnings Per Share…

Q: Calculate Earning Per Share You remember that the New York Bakery retired 224,812 shares in 2021.…

A: Return on stockholder's equity (ROE) is a financial measure that shows percentage of return owners…

Q: QUESTION FOUR The following trial balances for the year ended 31 December 2020 were obta Head Office…

Q: Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Income Statement

A: Retained earnings refers to that portion of the profit or earnings of a company which is retained or…

Q: What liability relative to these transactions would appear on the December 31, 2025, balance sheet…

A: Current liabilities are the liabilities which are going to be settle within 12 month from the date…

Q: An expense incurred/used up in 2020 is not paid until 2021. Using the accrual basis of accounting,…

A: The accrual concept states that the revenues and expenses should've reported when accrued,…

Q: On a consolidated balance sheet as of January 2, calculate the amounts for each of the following: a.…

A: Current assets are those assets that can be converted into cash within a year whereas noncurrent…

Q: Debts that are due to be paid within one year or within the company's operating cycle are called:…

A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…

Q: 7.1.2 Condensed Statement of Comprehensive Income Financial Information (Consolidated) Period Item…

A: Under fundamental analysis, we perform the following two types of analysis- 1. Vertical Analysis 2.…

Q: The equity method of accounting for investments requires a.the investment to be increased by the…

Q: What is Net Income for the period ending December 31, 2018? AA What is Ending Retained Earnings for…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What is Adams’s

A: Net income is the amount of money left over after all costs, including payroll, the cost of goods or…

Q: Identify whether the following elements are elements under U.S. GAAP, IFRS, or both, and…

A: U.S GAAP means generally accepted accounting principles formed in united states country. IFRS means…

Q: prepare the income statemnt for the year ended december 31 2024

A: The multi-step income statement for Jackrabbit Rentals outlines revenues, operating expenses,…

Q: Dell Technologies Inc (Dell) For the year of 2019. The Total Revenue. The Total Expense. The Total…

A: Financial information given is collected from the annual report of Dell Technologies Inc(Dell) for…

Q: Define annual report

A: Annual report It is a detailed report about the activities of an entity over the preceding year. It…

Question

What is the total equity that must be reported in the Statement of Changes in Equity for the year ended December 31, 2021?

Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its
December 31, 2020 statement of financial position. The following transactions
happened during 2021:
* On August 1, Party Company issued an additional 5,000 ordinary shares at P25 per
share.
* The company paid dividends totaling P80,000.
* Net income during the year was P110,000.
* Reacquired treasury shares of 2,000 at P30; subsequently, reissued 1,000 for P39.
* No other changes occurred in the shareholders' equity for the year.
What is the total equity that must be reported in the Statement of Changes in Equity for
the year ended December 31, 2021?

Expert Solution

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!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

Which of the items are normally classified as current liabilities for a company that has a oneyearoperating cycle? Salaries payable
Indicate where each of the following items is reported on financial statements. Choose from the followingcategories: (a) current assets, (b) long-term investments, (c) current liabilities, (d) long-term liabilities,(e) other revenues and gains, ( f ) other expenses and losses, and (g) equity. Held-to-maturity securities (due in 15 years)
Subject - Acounting
Flint Industries changed from the double-declining-balance to the straight-line method in 2021 on all its equipment. There was no change in the assets' salvage values or useful lives. Plant assets, acquired on January 2, 2018, had an original cost of $1,491,200, with a $86,400 salvage value and an 8-year estimated useful life. Income before depreciation expense was $263,200 in 2020 and $252,800 in 2021. Prepare the journal entry to record depreciation expense in 2021. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry Is reguired, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Depreciation
When does a dividend become a liability? According to your text, it occurs on the: Date of record Date of payment Date of declaration Last day of fiscal year None of the above
Please refer to the attachment and write similar content/words of the income statement, statement of retained earnings, and balance sheet. The year will be 2020-2018.
For this question, please refer to the Fact Pattern below (Same fact pattern as previous question). Given the set of transactions above, what was Adjusted EBITDA in 2021? O $1,107.2 O $1,082.2. O $1,068.2 $1,092.2 Activities during the year: Capital expenditures Cost of Goods Sold (excluding D&A) Dividend Payout Ratio (dividends/ net income to common shareholders) Income Tax Net Interest Expense Net Revenues Non-controlling Interest Expense (After-Tax) Litigation Expense Other Operating Expenses (excluding D&A) Purchases of intangible assets Preferred dividends Research And Development (excluding D&A) Proceeds from sale of land with book value of $15 Selling, General, & Administrative (excluding D&A) Write-down of PP&E 2021 580.0 3,256.0 40% 35% 45.6 5,800.0 25.0 97.0 16.5 45.0 5.0 56.3 20.0 1,488.0 7.0
On the balance sheets, what is the most recent fiscal year reported? Fiscal year 2020, ending on February 1, 2020 Fiscal year 2020, ending on January 30, 2021 Fiscal year 2021, ending on February 1, 2020 Fiscal year 2021, ending on January 30, 2021
Indicate where each of the following items is reported on financial statements. Choose from the followingcategories: (a) current assets, (b) long-term investments, (c) current liabilities, (d) long-term liabilities,(e) other revenues and gains, ( f ) other expenses and losses, and (g) equity. Unrealized gain on available-for-sale securities
Below are three independent scenarios concerning the GST account balance and the effect on the Statement of Financial Position in the previous year (2023) and the current year (2024). SFP as at 31/3/2023 Scenario 1 GST liability of $267 Scenario 2 GST asset of $267 Scenario 3 GST asset of $267 SFP as at 31/3/2024 GST asset of $769 GST asset of $769 GST liability of $769 Required: Correctly insert the opening and closing balances into the three independent GST general ledger accounts provided in the answer booklet. Balance each of the three GST general ledger accounts and insert the opening balance for 1 April 2024.
Q5. The following items would be presented in the Statement of Changes in Equity.Answer only TRUE or FALSE for each(i) Revaluation of investment property(ii) Rights issue made in the year
hello, I need help please