follows:DebitCreditAccounts payableAccounts receivableAccumulated depreciation-building and equipmentAdditional paid-in capital-ordinary sharesIn excess of par valueFrom sale of treasury sharesAllowance for doubtful accountsBonds payableBuilding and equipmentP 290,000P 550,0001,560,000250,0001,100,000CashOrdinary share capital (P 1 par value)Dividends payable on preference shares-cashInventoriesto 00LandInvestment in equity securities (at market) @ FVOCITrading equity securities (at market)Preference shares (P50 par value)Prepaid expensesRetained earningsTreasury shares- ordinary (at cost)Unrealized decrease in value of investment in securities - OCI285,000215,000180,000TotalsP3.615.000 P3.615.000At December 31, 20X7 Partner had the following number of ordinary andpreference shares:OrdinaryPreferenceAuthorized00 000panssOutstanding150,000140,000The dividends on preference shares are P4 cumulative. In addition, thepreference share has a preference in liquidation of P50 per share.Required:Prepare the shareholders' equity section of Partner's statement of financialposition at December 31, 20X7.

Partner Corporation's Answer 1 Amount $ Contributed Capital Preferred Stock 500,000.00…

Answered: 000 00 25 180,000 P3.615.000 P3.6

Business

Accounting

000 00 25 180,000 P3.615.000 P3.6

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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Match each of the following terms with the correct definition: a. additional paid-in capitalb. issued and outstandingc. retained earningsd. treasury stocke. authorized share capitalf. par value Correct Definitions:A. The price at which each share is recorded in the company’s booksB. Held by investorsC. Cumulative amount of profits that have been plowed backD. The difference between the amount of cash raised by an equity issue and the par value of the issueE. The maximum number of shares that can be issued without shareholder approvalF. The amount that the company has spent buying back stock that it has not subsequently resold
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