San Miguel Corporation provided the following balances on December 31, 2021: Accounts payable 500,000 Accrued taxes 100,000 Ordinary share capital 5,000,000 Dividends - ordinary share 1,000,000 Dividends - preference share 500,000 Mortgage payable (P500,000 due in 6 months) 4,000,000 Note payable, due January 31, 2023 2,000,000 Share premium 500,000
San Miguel Corporation provided the following balances on December 31, 2021:
Accounts payable 500,000
Accrued taxes 100,000
Ordinary share capital 5,000,000
Dividends - ordinary share 1,000,000
Dividends -
Mortgage payable (P500,000 due in 6 months) 4,000,000
Note payable, due January 31, 2023 2,000,000
Share premium 500,000
Preference share capital 3,000,000
Premium on note payable 200,000
Income summary - credit balance 4,000,000
Unamortized issue cost on note payable 50,000
Unearned rent income 150,000
1. What is the amount of noncurrent liabilities on December 31, 2021?
2. What is the amount of retained earnings on December 31, 2021?
a. 6,500,000
b. 2,500,000
c. 1,000,000
d. 5,000,000
3. What is the total shareholders’ equity on December 31, 2021?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
