he accounts below appear in the December 31,2020 trial balance of Luna Company: Authorized share capital 30,000,000 Unissued share capital 5,000,000 Subscribed share capital 3,000,000 Subscription receivable 1,000,000 Share premium 10,000,000 Retained earnings unappropriated 6,000,000 Retained earnings appropriated 2,000,000 Revaluation surplus 4,500,000 Treasury shares, at cost, 1,500,000 In its December 31, 2020 statement of financial position, Luna should report total equity at:

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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The accounts below appear in the December 31,2020 trial balance of Luna Company:

Authorized share capital 30,000,000

Unissued share capital 5,000,000

Subscribed share capital 3,000,000

Subscription receivable 1,000,000

Share premium 10,000,000

Retained earnings unappropriated 6,000,000

Retained earnings appropriated 2,000,000

Revaluation surplus 4,500,000

Treasury shares, at cost, 1,500,000

In its December 31, 2020 statement of financial position, Luna should report total equity at:

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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