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Avengers Company provided the following current assets and shareholders' equity at year-end: Cash 600,000 Financial assets at fair value through profit or loss, including cost of P300,000 of Avengers Company shares 1,000,000 Accounts receivable 3,500,000 1,500,000 6,600,000 Inventory Total current assets Share capital 5,000,000 2,000,000 Share premium Retained earnings Total shareholders' equity 500,000 7,500,000 3. What amount should be reported as total shareholders' equity?

Avengers Company provided the following current assets and shareholders' equity at year-end: Cash 600,000 Financial assets at fair value through profit or loss, including cost of P300,000 of Avengers Company shares 1,000,000 Accounts receivable 3,500,000 1,500,000 6,600,000 Inventory Total current assets Share capital 5,000,000 2,000,000 Share premium Retained earnings Total shareholders' equity 500,000 7,500,000 3. What amount should be reported as total shareholders' equity?

FINANCIAL ACCOUNTING
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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a. What is the amount of total shareholders' equity?
b. What is the balance of retained earnings at year-end?

Avengers Company provided the following current assets and shareholders' equity at year-end: Cash 600,000 Financial assets at fair value through profit or loss, including cost of P300,000 of Avengers Company shares Accounts receivable 1,000,000 3,500,000 1,500,000 6,600,000 Inventory Total current assets Share capital 5,000,000 Share premium Retained earnings Total shareholders' equity 2,000,000 500,000 7,500,000 3. What amount should be reported as total shareholders' equity?
Transcribed Image Text:Avengers Company provided the following current assets and shareholders' equity at year-end: Cash 600,000 Financial assets at fair value through profit or loss, including cost of P300,000 of Avengers Company shares Accounts receivable 1,000,000 3,500,000 1,500,000 6,600,000 Inventory Total current assets Share capital 5,000,000 Share premium Retained earnings Total shareholders' equity 2,000,000 500,000 7,500,000 3. What amount should be reported as total shareholders' equity?
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