Question
Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its December 31, 2020 balance sheet. The following transactions occurred during 2021:
Party Company reported total assets of P1,050,000 and total liabilities of P680,000 in its
December 31, 2020 balance sheet. The following transactions occurred during 2021:
- On August 1, Party Company issued an additional 5,000 ordinary shares at P25 per share.
- The company paid dividends totaling P80,000.
- Net income during the year was P110,000
- Reacquired treasury shares of P2,000 at P30; subsequently, reissued 1,000 for P39 per share.
- No other changes occurred in Shareholders' Equity during the year.
What is the balance of Party's Shareholders' Equity section in its December 31, 2021 balance
sheet?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
