Way Company's adjusted trial balance at December 31, 2021 includes the following: Ordinary Share Capital, P5 parP360,000Share Premium - Ordinary480,000Treasury Shares, at cost30,000Share Premium - Preference12,000Retained Earnings90,000Preference Share Capital, P10 par120,000 What amount should Way report as total shareholders' equity in its December 31, 2021 statement of financial position?

Total shareholders' equity in its December 31, 2021 = Ordinary Share Capital + Share Premium -…

Answered: Way Company's adjusted trial balance at…

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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Way Company's adjusted trial balance at December 31, 2021 includes the following:

Ordinary Share Capital, P5 par	P360,000
Share Premium - Ordinary	480,000
Treasury Shares, at cost	30,000
Share Premium - Preference	12,000
Retained Earnings	90,000
Preference Share Capital, P10 par	120,000

What amount should Way report as total shareholders' equity in its December 31, 2021 statement of financial position?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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