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ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025
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Retained Earnings
What amount would be shown for Retained Earnings?Enter only digits, no dollar sign, no comma.
An extract of the balance sheet of ABC Ltd at
Shareholder’s Equity $
Share Capital (5,000,000 shares) 5,000,000
Reserves 575,000
Retained Earnings
7,405,000
The following events occurred during the year ended 30 June 2024:
· ABC Ltd purchased a block of land in exchange for 500,000 shares valued at $2m.
· ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each.
· On 30 June, tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a of $1,340,000 (which is currently in the P&L Summary account).
· Directors of ABC Ltd transferred $300,000 to a general reserve.
· Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July (on ALL shares issued).
Calculate the equity balances at 30 June 2024 after recording the above information.
Share Capital
What amount would be shown for General Reserve?Enter only digits, no dollar sign, no comma.
Reserves
Share Capital?
Enter only digits, no dollar sign, no comma.What amount would be shown for Tax Payable?Enter only digits, no dollar sign, no comma.