The shareholders' equity of the ABA Company on January 1, 2020 is presented below: Share capital, P20 par value, 50,000 shares authorized, 35,000 shares issued and outstanding Share premium Accumulated profits P700,000 350,000 300,000 During 2020, the following transactions relating to the shareholders' equity occurred: a. 1,000 shares were reacquired at P35 per share. b. 900 shares were reacquired at P38 per share. C. 1,500 shares of treasury were sold at P40 per share. d. Net income for the year amounted to P105,000. What is the total shareholders' equity on December 31, 2020?

The shareholders' equity of the ABA Company on January 1, 2020 is presented below: Share capital, P20 par value, 50,000 shares authorized, 35,000 shares issued and outstanding Share premium Accumulated profits P700,000 350,000 300,000 During 2020, the following transactions relating to the shareholders' equity occurred: a. 1,000 shares were reacquired at P35 per share. b. 900 shares were reacquired at P38 per share. C. 1,500 shares of treasury were sold at P40 per share. d. Net income for the year amounted to P105,000. What is the total shareholders' equity on December 31, 2020?

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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