Topic: Updated Financial Reporting Standards TK Company pro
Topic: Updated Financial Reporting Standards TK Company provided… Topic: Updated Financial Reporting StandardsTK Company provided the following information for the year ended December 31, 2021:· Profit – P1,600,000· Share capital – 4,800,000· Dividends declared – 960,000· Total assets – 11,960,000· Share premium – 1,920,000· Prior period adjustment for 2020 (overdepreciation) – 400,000· The debt-to-equity ratio is 30% on December 31, 2021What was the retained earnings balance on January 1, 2021?The following information for the current year is provided by MILK TEA Company:Sales – P6,000,000; Cost of goods sold – P4,500,000; Unrealized gain on equity investments at FVOCI (pretax) – 450,000; Remeasurement loss on benefits plan (pretax) – 600,000; Distribution cost – P200,000; Administrative cost – P250,000; Impairment loss on debt investment at amortized cost – P300,000; Pretax gain on disposal of a major business division – P400,000; Income tax rate – 30%.What amount of net income should MILK TEA Company report for the current year?MILK TEA Company reported net income of P10,000 for the current period. Changes occurred in several balance sheet accounts during the period as follows:· Investment in shares, carried at equity- P2,500 increase· Premium on bonds payable- P500 decrease· Accumulated depreciation, caused by major repair- P1,000 decrease· Deferred tax liability- P400 increaseIn the current period statement of cash flows, the cash provided by operating activities should be:Accounting Business Financial Accounting BSA 3104
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