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WHAT IS THE TOTAL SHAREHOLDERS' EQUITY?

WHAT IS THE TOTAL SHAREHOLDERS' EQUITY?

FINANCIAL ACCOUNTING
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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WHAT IS THE TOTAL SHAREHOLDERS' EQUITY?

Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financial statements of PATRICK STAR, Inc.: Ordinary share capital, P100 par P 5,500,000 Reserves 3,500,000 Retained earnings, unappropriated Treasury shares, at cost 4,250,000 (. 450,000 ) P 13,700,000 The following transactions happened during 2021: • PATRICK STAR discovered that it had failed to record its annual depreciation expense for 2018 amounting to P35,000. • 35,000 additional ordinary shares were issued at a price of P120 per share. • 2,500 of its 3,000 treasury shares were reissued at P200. • Profit during the year was P2,500,000. • Unrealized gain on FVOCI investments, post-tax, was P175,000
Transcribed Image Text:Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financial statements of PATRICK STAR, Inc.: Ordinary share capital, P100 par P 5,500,000 Reserves 3,500,000 Retained earnings, unappropriated Treasury shares, at cost 4,250,000 (. 450,000 ) P 13,700,000 The following transactions happened during 2021: • PATRICK STAR discovered that it had failed to record its annual depreciation expense for 2018 amounting to P35,000. • 35,000 additional ordinary shares were issued at a price of P120 per share. • 2,500 of its 3,000 treasury shares were reissued at P200. • Profit during the year was P2,500,000. • Unrealized gain on FVOCI investments, post-tax, was P175,000
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