Reference no: EM132857307
Questions -
Q1. Honest Company was incorporated on January 1, 2020 with P5,000,000 from the issuance of share capital and borrowed funds of P1,500,000. During the first year, net loss was P2,500,000. On December 15, the entity paid a P500,000 cash dividend. On December 31, the liabilities had decreased to P1,800,000. On December 31, 2020, what amount should be reported as total assets.
Q2. Diligent Company reported the following account balances on December 31, 2020: Accounts payable - 1,900,000; Bonds payable - 3,400,000; Discount on bonds payable - 200,000; Share dividend payable - 500,000; Withholding taxes payable - 900,000. On December 31, 2000, what total amount should be reported as current liabilities?
Q3. Loving Company provided the following information on December 31, 2020: Share premium - 9,000,000; Accounts payable - 1,000,000; Sales - 10,000,000; Treasury shares - 250,000; Preference share - 1,750,000; Ordinary share - 400,000; Total costs and expenses - 7,800,000; Retained earnings, January 1 - 1,000,000. The total shareholders' equity on December 31, 2020 is__________.
A. 14,100,000
B. 13,400,000
C. 11,900,000
D. 11,200,000
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