The following information pertains to BFAR Corp. for the year ended December 31, 2021: -Accumulated Profits - Free, Janu
Posted: Tue Jul 05, 2022 11:22 am
The following information pertains to BFAR Corp. for the yearended December 31, 2021:
-Accumulated Profits - Free, January 1, 2021: PHP 3,800,000
-Accumulated Profits - Appropriated for contingency, January 1,2021 : PHP 700,000
-Net income for 2021: PHP 2,221,000
-Share dividends declared November 25, 2021 and distributed onDecember 15,2021: PHP 370,000
-Cash dividends declared December 1, 2021 and distributable onJanuary 15, 2022: PHP 490,000
-Appropriation of accumulated profits for contractualobligations in 2021: PHP 1,500,000
-Reversal of appropriation for contingency in 2021: PHP700,000
How much is the total Accumulated Profits as of December31, 2021?
-Accumulated Profits - Free, January 1, 2021: PHP 3,800,000
-Accumulated Profits - Appropriated for contingency, January 1,2021 : PHP 700,000
-Net income for 2021: PHP 2,221,000
-Share dividends declared November 25, 2021 and distributed onDecember 15,2021: PHP 370,000
-Cash dividends declared December 1, 2021 and distributable onJanuary 15, 2022: PHP 490,000
-Appropriation of accumulated profits for contractualobligations in 2021: PHP 1,500,000
-Reversal of appropriation for contingency in 2021: PHP700,000
How much is the total Accumulated Profits as of December31, 2021?