Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please round off your final answers. Thank you The following data are taken from the ledger of EVA Co. Retained Earnings Date Particulars Debit Credit

Please round off your final answers. Thank you

image text in transcribedimage text in transcribedimage text in transcribed
The following data are taken from the ledger of EVA Co. Retained Earnings Date Particulars Debit Credit 01/01/2017 Balance P80,600 06/30/2017 Dividends paid P25,000 12/31/2017 Net income for 2017 42,500 02/07/2018 Premium on share capital 10,000 04/30/2018 Loss on sale of land 5,000 09/30/2018 Dividends paid 20,000 12/31/2018 Net income for 2018 5,800 12/31/2018 Revaluation surplus 40,000 07/01/2019 Gain on sale of treasury stock 1,600 12/31/2019 Net income 2019 33,700 Unrealized loss on FV OCI securities 3,400 What is the correct balance of Retained earnings on December 31, 2019?An analysis of TANG Co.'s liabilities on December 31, 2020 disclosed the following information: Accounts payable, after deducting debit balance in suppliers' account amounting to P100,000 and postdated checks or P50,000 4,000,000 Bonds Payable 1,000,000 Premium on Bonds Payable 100,000 Mortgage Payable 850,000 Share Dividend Payable 750,000 Credit Customers' accounts 500,000 Premium payable 600,000 Deferred tax liability 200,000 Deferred revenue 175,000 Accrued Expenses 150,000 The deferred tax liability is based on temporary differences that will reverse in 2023. Compute the total amount of current liabilities in the statement of financial position.The shareholders' equity of ADAM Co on January 1, 2020 appears as follows: 12% Preference share, P200 par, 20,000 shares authorized, 1,400,000 7,000 shares issued and outstanding Share premium-preference 175,000 Ordinary shares, P100 par, 180,000 shares authorized, 3,500,000 35,000 shares issued and outstanding Share Premium-Ordinary 1,750,000 Retained Earnings 4,500,000 During 2020, the following transactions occurred: Jan. 2 : Issued 20,000 ordinary shares for P180 per share Feb. 7 : Purchase 6,000 ordinary shares for the treasury at P200 per share Feb. 15 : Shareholders donated 5,000 entity's own ordinary shares to the corporation May 14 : Sold half of the treasury shares acquired last February 7 for P220 per share. June 27 : Sold the donated shares at P220 per share Aug 28 : Issued 4,000 preference shares to acquire special equipment with a fair value of P1,440,000 Sep 24 : Received subscription to 18,000 ordinary shares at P250 per share Sep 25 : Received cash payment for each subscriber for 40% of the ordinary shares subscription price Nov 24 : Received full payment of the 10,000 shares on Sep 24 and Sep 25 Dec 31 : Close net income of P1,000,000 from the income summary account to retained earnings. How much is the total share premium on December 31,2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Lawrence Tomassini

5th Edition

0077282078, 9780077282073

More Books

Students also viewed these Accounting questions

Question

What must happen for stretch goals to appropriately motivate teams?

Answered: 1 week ago

Question

Speak clearly and distinctly with moderate energy

Answered: 1 week ago

Question

Get married, do not wait for me

Answered: 1 week ago