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Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.

Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.
Transcribed Image Text:Question 33 ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 300,000 Common [unlimited authorized, 550,000 issued & outstanding] Contributed surplus 865,000 216,250 $ 1,381,250 Retained earnings Accumulated other comprehensive income Total shareholder's equity 432,500 216,250 $ 2,030,000 Information for 2020: Net income was Gain on disposal of bonds Dividends declared and paid on preferred shares Issued 3,000 common shares Foreign translation gain on subsidiary Comprehensive income $ 350,000 135,000 15,000 5,000 87,500 262,500 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form.
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