The Trial balance of T. Cayanan Corporation as of Dec. 31, 2021, contained the following selected balances:15% Mortgage Payable, due May 1, 2022Allowance for Uncollectible AccountsP5,000,00050,0008,000,000Ordinary Shares, no-par, P20 stated value; 300,000 sharesauthorized, issued, and outstandingRetained Earnings-UnappropriatedAppropriation for Pending Litigation6% Preference Shares, P200 par, 3,000 shares authorized,1,000,000600,000500,000issued and outstandingDonated CapitalShare Premium-Ordinary400,00010,000Required:Present the shareholders' equity section of the statement of financial position as of Dec. 31, 2021.

A) 15% Mortgage Payable, due May 1, 2022 - It is a current liability. B) Allowance for Uncollectible…

Answered: shareholders' equity section of the…

Business

Accounting

shareholders' equity section of the statement of financial position

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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Question

The Trial balance of T. Cayanan Corporation as of Dec. 31, 2021, contained the following selected balances:
15% Mortgage Payable, due May 1, 2022
Allowance for Uncollectible Accounts
P5,000,000
50,000
8,000,000
Ordinary Shares, no-par, P20 stated value; 300,000 shares
authorized, issued, and outstanding
Retained Earnings-Unappropriated
Appropriation for Pending Litigation
6% Preference Shares, P200 par, 3,000 shares authorized,
1,000,000
600,000
500,000
issued and outstanding
Donated Capital
Share Premium-Ordinary
400,000
10,000
Required:
Present the shareholders' equity section of the statement of financial position as of Dec. 31, 2021.

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