Question Solved1 Answer Question 39 2 pts CFAS Company reported the following shareholders' equity at the beginning of current year: Preference share capital, 100,000 shares, P10 1,000,000 par Ordinary share capital, 500,000 shares, P10 par 5,000,000 Share premium - Preference 70,000 Share premium - Ordinary 200,000 Retained earnings 100,000 During the current year, the following Question 39 2 pts CFAS Company reported the following shareholders' equity at the beginning of current year: Preference share capital, 100,000 shares, P10 1,000,000 par Ordinary share capital, 500,000 shares, P10 par 5,000,000 Share premium - Preference 70,000 Share premium - Ordinary 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 per share. • Share split, ordinary share 2 for 1. • Reissue of 2,000 shares of treasury at P10 per share. • Net income for the year, P300,000. What is the total shareholders' equity at year - end?

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Transcribed Image Text: Question 39 2 pts CFAS Company reported the following shareholders' equity at the beginning of current year: Preference share capital, 100,000 shares, P10 1,000,000 par Ordinary share capital, 500,000 shares, P10 par 5,000,000 Share premium - Preference 70,000 Share premium - Ordinary 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 per share. • Share split, ordinary share 2 for 1. • Reissue of 2,000 shares of treasury at P10 per share. • Net income for the year, P300,000. What is the total shareholders' equity at year - end?
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Transcribed Image Text: Question 39 2 pts CFAS Company reported the following shareholders' equity at the beginning of current year: Preference share capital, 100,000 shares, P10 1,000,000 par Ordinary share capital, 500,000 shares, P10 par 5,000,000 Share premium - Preference 70,000 Share premium - Ordinary 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 per share. • Share split, ordinary share 2 for 1. • Reissue of 2,000 shares of treasury at P10 per share. • Net income for the year, P300,000. What is the total shareholders' equity at year - end?
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General GuidanceThe answer provided below has been developed in a clear step by step manner.Step: 1CALCULATION OF TOTAL SHAREHOLDERS' EQUITYSHARE HOLDERS' EQUITY = Equity sharecapital+Retained earnings+Net income for the ... See the full answer