The accumulated profit account of One San Miguel Co, follows:DateItemDebitCredit07/01/2020 Balance48,500.0008/31/2020 Dividends paid12/31/2020 Net income for the year20,000.0032,400.0004/01/2021 Premium on capital share06/30/2021 Gain on treasury share15,000.0010,000.0009/30/2021 Dividends declared30,000.0012/31/2021 Net Income for the year45,100.00Appraisal increase of land30,000.00Balance131,000.00181,000.00181,000.00What is the correct balance of Accumulated Profits on December 31, 2021?

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The accumulated profit account of One San Miguel Co, follows: Date Item Debit Credit 07/01/2020 Balance 48,500.00 08/31/2020 Dividends paid 12/31/2020 Net income for the year 20,000.00 32,400.00 04/01/2021 Premium on capital share 06/30/2021 Gain on treasury share 09/30/2021 Dividends declared 15,000.00 10,000.00 30,000.00 12/31/2021 Net Income for the year 45,100.00 Appraisal increase of land 30,000.00 Balance 131,000.00 181,000.00 181,000.00 What is the correct balance of Accumulated Profits on December 31, 2021?

The accumulated profit account of One San Miguel Co, follows: Date Item Debit Credit 07/01/2020 Balance 48,500.00 08/31/2020 Dividends paid 12/31/2020 Net income for the year 20,000.00 32,400.00 04/01/2021 Premium on capital share 06/30/2021 Gain on treasury share 09/30/2021 Dividends declared 15,000.00 10,000.00 30,000.00 12/31/2021 Net Income for the year 45,100.00 Appraisal increase of land 30,000.00 Balance 131,000.00 181,000.00 181,000.00 What is the correct balance of Accumulated Profits on December 31, 2021?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 11MCQ

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