What is the total amount of legal capital of KIMMY COMPANY? 

2. What is the total amount of unrestricted cumulative earnings as of Dec. 31, 2020 of KIMMY COMPANY? 

3. What is the total amount of shareholder's equity as of December 31, 2020 of KIMMY COMPANY?

 

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Use the following information in answering the next item(s): KIMMY COMPANY has the following items on its post-closing trial balance as of December 31, 2020: Share capital ordinary shares (P10 stated value) Share capital preference shares (P20 par value) Subscribed share capital - ordinary shares Treasury ordinary shares (@ P16 cost) Subscription receivable ordinary shares (10 months) Share premium in excess of stated value - ordinary shares Share premium in excess of par - preference shares Foreign exchange translation - loss Revaluation surplus Retained earnings - unrestricted Additional information: P2,000,000 5,000,000 1,000,000 200,000 200,000 500,000 1,000,000 300,000 200,000 1,500,000 It was determined that a P2 per ordinary share cash dividend was declared but unrecorded as of year-end Redeemable preference share capital account issued at par amounting to P500,000 was unrecorded during the year. Based on the contract entered by the company with regards to issuance of bonds, it was agreed that the company must appropriate retained earnings amounting to P10,000 each month starting at the end of July 2020! Use the following information in answering the next item(s): KIMMY COMPANY has the following items on its post-closing trial balance as of December 31, 2020: Share capital ordinary shares (P10 stated value) Share capital preference shares (P20 par value) Subscribed share capital - ordinary shares Treasury ordinary shares (@ P16 cost) Subscription receivable ordinary shares (10 months) Share premium in excess of stated value - ordinary shares Share premium in excess of par - preference shares Foreign exchange translation - loss Revaluation surplus Retained earnings - unrestricted Additional information: P2,000,000 5,000,000 1,000,000 200,000 200,000 500,000 1,000,000 300,000 200,000 1,500,000 It was determined that a P2 per ordinary share cash dividend was declared but unrecorded as of year-end Redeemable preference share capital account issued at par amounting to P500,000 was unrecorded during the year. Based on the contract entered by the company with regards to issuance of bonds, it was agreed that the company must appropriate retained earnings amounting to P10,000 each month starting at the end of July 2020!

Answer rating: 100% (QA)

Calculate the requested amounts for KIMMY COMPANY as of December 31 2020 Total amount of legal capit... View the full answer