What amount should be reported as total shareholders’ equity on December 31, 2017?
SHAREHOLDER’S EQUITY
The following
|
Cash |
6,000,000 |
|
|
|
14,000,000 |
|
|
Inventory |
10,000,000 |
|
|
Property, plant and equipment |
25,000,000 |
|
|
Accounts payable |
|
9,000,000 |
|
Income tax payable |
|
6,000,000 |
|
|
|
3,000,000 |
|
Ordinary share capital |
|
15,000,000 |
|
Share premium |
|
4,000,000 |
|
|
|
9,000,000 |
|
Net sales and other revenue |
|
80,000,000 |
|
Cost of goods sold |
48,000,000 |
|
|
Expenses |
12,000,000 |
|
|
Income tax expense |
11,000,000 |
__________ |
|
|
126,000,000 |
126,000,000 |
During the year, estimated tax payments of P5,000,000 were charged to income tax expense. The tax rate is 30% on all types of revenue. Inventory and accounts payable included goods purchased in transit, FOB destination, costing P500,000, and unsold goods held on consignment at year-end, costing P300,000. The perpetual system is used. The preference share capital is redeemable mandatorily on December 31, 2018.
- What amount should be reported as total shareholders’ equity on December 31, 2017?
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