Question
Accounts payable P125,000 Accrued expenses 47,000 Cash surrender value on life insurance 29,000 Dividends, ordinary shares 100,000 Dividends, preference shares 150,000 Mortgage payable (including P200,000
| Accounts payable | P125,000 |
| Accrued expenses | 47,000 |
| Cash surrender value on life insurance | 29,000 |
| Dividends, ordinary shares | 100,000 |
| Dividends, preference shares | 150,000 |
| Mortgage payable (including P200,000 due in six months) | 1,200,000 |
| Note payable (not due within 12 months) | 1,500,000 |
| Premium on notes payable | 25,000 |
| Profit and loss summary credit balance | 500,000 |
| Retained earnings, January 1 | 550,000 |
| Share capital - Ordinary, P100 par | 1,000,000 |
| Share capital - Preference, P200 par | 450,000 |
| Share premium ordinary | 250,000 |
| Unamortized issue cost on note payable | 25,000 |
| Unearned rent income | 33,000 |
What is the total equity on December 31?
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Accounting And Finance For Non Specialists
Authors: Eddie McLaney, Peter Atrill
8th Edition
9780273778165
