TOTAL RETAINED EARNINGS

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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WHAT IS THE TOTAL RETAINED EARNINGS?

Share capital
Share premium
Retained earnings
Cumulative unrealized gain/(loss) on FVOClinvestments
7,500,000
2,200,000
3,000,000
2,400,000
The following information summarizes the company's operations for the year 2021:
Revenues
Cost of goods sold
Employee benefit expense
Depreciation and amortization
Other expenses
Finance costs
2,000,000
850,000
100,000
40,000
2,000
4,000
35,000
20,000
Post-tax monetary impact of a correction of prior period error
Dividends declared and paid
Proceeds from the issuance of shares
(par value of issued shares is P8 million)
Unrealized gain on FVOCI investments during the year
(before tax)
10,800,000
80,000
The company's income tax rate is 30%.
Transcribed Image Text:Share capital Share premium Retained earnings Cumulative unrealized gain/(loss) on FVOClinvestments 7,500,000 2,200,000 3,000,000 2,400,000 The following information summarizes the company's operations for the year 2021: Revenues Cost of goods sold Employee benefit expense Depreciation and amortization Other expenses Finance costs 2,000,000 850,000 100,000 40,000 2,000 4,000 35,000 20,000 Post-tax monetary impact of a correction of prior period error Dividends declared and paid Proceeds from the issuance of shares (par value of issued shares is P8 million) Unrealized gain on FVOCI investments during the year (before tax) 10,800,000 80,000 The company's income tax rate is 30%.
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