Marin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5cumulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares issued. The commonshares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the Retained Earningsaccount on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a total of $72,000 ofdividends, of which $55,000 was paid during the year.Prepare the shareholders' equity section of the balance sheet on December 31, 2021.MARIN LIMITEDBalance Sheet (Partial)December 31, 2021Shareholders' EquityShare CapitalPreferred SharesCommon Shares:

Equity section of balance sheet how much are changes to the equity section of balance sheet and how…

rin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both con mulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares i ares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the count on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a t idends, of which $55,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021.

rin Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both con mulative preferred shares. On December 31, 2021, there were 33,000 common and 1,700 preferred shares i ares had been issued at an average per share amount of $10; the preferred shares at $106. The balance in the count on January 1, 2021, was $286,000. During 2021, the company had profit of $115,000 and declared a t idends, of which $55,000 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2021.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 9P: Comprehensive Young Corporation has been operating successfully for several years. It is authorized...

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Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
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Metlock Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2024, there were 30, 100 common and 860 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1, 2024, was $246, 820. During 2024, the company had profit of $107, 500 and declared a total of $64, 500 of dividends, of which $ 48,375 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2024. calculate the return on eqiuty.
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Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following transactions affected shareholders' equity: 1. Southwestern Exposure's articles of incorporation authorize the issuance of 1,100,000 common shares, and the issuance of 115,000 preferred shares, which pay an annual dividend of $2.00 per share. 2. A total of 280,000 common shares were issued for $4 a share. 3. A total of 15,000 preferred shares were issued for $13 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.10 per share was declared on the common shares but was not yet paid. The company had net income of $161,000 for the year. (Assume sales of $751,000 and total operating expenses of $590,000.) 7. 8. The dividends on the common shares were paid. 9. The closing entry for the dividends declared accounts was prepared. Prepare journal entries to record the above transactions, including the closing…
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