Presented below is an alphabetical list of account balances taken from the books of an entity at the end of the current period, December 31:   Accounts payable P125,000 Accrued expenses 47,000 Cash surrender value on life insurance 29,000 Dividends, ordinary shares 100,000 Dividends, preference shares 150,000 Mortgage payable (including P200,000 due in six months) 1,200,000 Note payable (not due within 12 months) 1,500,000 Premium on notes payable 25,000 Profit and loss summary – credit balance 500,000 Retained earnings, January 1 550,000 Share capital - Ordinary, P100 par 1,000,000 Share capital - Preference, P200 par 450,000 Share premium – ordinary 250,000 Unamortized issue cost on note payable 25,000 Unearned rent income 33,000   What is the total equity on December 31?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below is an alphabetical list of account balances taken from the books of an entity at the end of the current period, December 31:

 

Accounts payable

P125,000

Accrued expenses

47,000

Cash surrender value on life insurance

29,000

Dividends, ordinary shares

100,000

Dividends, preference shares

150,000

Mortgage payable (including P200,000 due in six months)

1,200,000

Note payable (not due within 12 months)

1,500,000

Premium on notes payable

25,000

Profit and loss summary – credit balance

500,000

Retained earnings, January 1

550,000

Share capital - Ordinary, P100 par

1,000,000

Share capital - Preference, P200 par

450,000

Share premium – ordinary

250,000

Unamortized issue cost on note payable

25,000

Unearned rent income

33,000

 

What is the total equity on December 31?

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