The following information pertains to BFAR Corp. for the year ended December 31, 2021:. Accumulated Profits Free, January 1, 2021: P3,800,000. Accumulated Profits - Appropriated for contingency, January 1, 2021: P700,000. Net income for 2021: P2,347,000. Share dividends declared November 25, 2021 and distributed on December 15, 2021: P370,000. Cash dividends declared December 1, 2021 and distributable on January 15, 2022: P490,000Appropriation of accumulated profits for contractual obligations in 2021: P1,500,000. Reversal of appropriation for contingency in 2021: P700,000How much is the total Accumulated Profits as of December 31, 2021?.

Accumulated profit : It is a undistributed profit balance after distributing the dividend on shares.…

Accumulated Profits - Free, January 1, 2021: P3,800,000 Accumulated Profits - Appropriated for contingency, January 1, 2021: P700, Net income for 2021: P2,347,000 Share dividends declared November 25, 2021 and distributed on December Cash dividends declared December 1, 2021 and distributable on January 15, Appropriation of accumulated profits for contractual obligations in 2021: P1. Reversal of appropriation for contingency in 2021: P700,000

Accumulated Profits - Free, January 1, 2021: P3,800,000 Accumulated Profits - Appropriated for contingency, January 1, 2021: P700, Net income for 2021: P2,347,000 Share dividends declared November 25, 2021 and distributed on December Cash dividends declared December 1, 2021 and distributable on January 15, Appropriation of accumulated profits for contractual obligations in 2021: P1. Reversal of appropriation for contingency in 2021: P700,000

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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