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At the end of Malasia Inc.'s third fiscal quarter in 2020, the shareholders' equity section of the balance sheet was as follows. Shareholders' Equity Common Shares, unlimited authorized, 75,000 issued and $880,000 outstanding Retained Earnings $506,000| $1,386,000 Total Shareholders' Equity In the fourth quarter of 2020, the following entries related to its equity accounts were recorded. Date Account Title and Explanation Debit Credit Nov 2 Retained Earnings 119,000 Dividends Payable 119,000 Nov 25 Dividends Payable 119,000 Cash 119,000 Nov 30 Retained Earnings 137,000 Common Stock Dividends Distributable 137,000 Dec 5 Common Stock Dividends Distributable 137,000 Common Shares 137,000 Complete the following table showing the equity balances at each indicated date. Nov 2 Nov 25 Nov 30 Dec 5 Common Shares Common Stock Dividends Distributable Retained Earnings Total Shareholders' Equity

At the end of Malasia Inc.'s third fiscal quarter in 2020, the shareholders' equity section of the balance sheet was as follows. Shareholders' Equity Common Shares, unlimited authorized, 75,000 issued and $880,000 outstanding Retained Earnings $506,000| $1,386,000 Total Shareholders' Equity In the fourth quarter of 2020, the following entries related to its equity accounts were recorded. Date Account Title and Explanation Debit Credit Nov 2 Retained Earnings 119,000 Dividends Payable 119,000 Nov 25 Dividends Payable 119,000 Cash 119,000 Nov 30 Retained Earnings 137,000 Common Stock Dividends Distributable 137,000 Dec 5 Common Stock Dividends Distributable 137,000 Common Shares 137,000 Complete the following table showing the equity balances at each indicated date. Nov 2 Nov 25 Nov 30 Dec 5 Common Shares Common Stock Dividends Distributable Retained Earnings Total Shareholders' Equity

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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At the end of Malasia Inc.'s third fiscal quarter in 2020, the shareholders' equity section of the balance sheet was as follows. Shareholders' Equity Common Shares, unlimited authorized, 75,000 issued and $880,000 outstanding Retained Earnings $506,000 $1,386,000 Total Shareholders' Equity In the fourth quarter of 2020, the following entries related to its equity accounts were recorded. Date Account Title and Explanation Debit Credit Nov 2 Retained Earnings 119,000 Dividends Payable 119,000 Nov 25 Dividends Payable 119,000 Cash 119,000 Nov 30 Retained Earnings 137,000 Common Stock Dividends Distributable 137,000 Dec 5 Common Stock Dividends Distributable 137,000| Common Shares 137,000 Complete the following table showing the equity balances at each indicated date. Nov 2 Nov 25 Nov 30 Dec 5 Common Shares Common Stock Dividends Distributable Retained Earnings Total Shareholders' Equity
Transcribed Image Text:At the end of Malasia Inc.'s third fiscal quarter in 2020, the shareholders' equity section of the balance sheet was as follows. Shareholders' Equity Common Shares, unlimited authorized, 75,000 issued and $880,000 outstanding Retained Earnings $506,000 $1,386,000 Total Shareholders' Equity In the fourth quarter of 2020, the following entries related to its equity accounts were recorded. Date Account Title and Explanation Debit Credit Nov 2 Retained Earnings 119,000 Dividends Payable 119,000 Nov 25 Dividends Payable 119,000 Cash 119,000 Nov 30 Retained Earnings 137,000 Common Stock Dividends Distributable 137,000 Dec 5 Common Stock Dividends Distributable 137,000| Common Shares 137,000 Complete the following table showing the equity balances at each indicated date. Nov 2 Nov 25 Nov 30 Dec 5 Common Shares Common Stock Dividends Distributable Retained Earnings Total Shareholders' Equity
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