Bandara Gold Inc's equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 700,000 shares issued and outstanding Retained earnings On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November 20 to be distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.35, $0.80, and $0.98, respectively. Required: 1. Prepare the required entries for November 15, 20, and 29. Date Nov 15 Nov 20 Nov 29 $1,890,000 136,000 Note Disclosure Amount 2. Prepare the equity section on the November 30, 2023, balance sheet, assuming profit earned during November 2023 was $281,000
Bandara Gold Inc's equity section on the October 31, 2023, balance sheet showed the following information: Common shares, unlimited shares authorized, 700,000 shares issued and outstanding Retained earnings On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November 20 to be distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.35, $0.80, and $0.98, respectively. Required: 1. Prepare the required entries for November 15, 20, and 29. Date Nov 15 Nov 20 Nov 29 $1,890,000 136,000 Note Disclosure Amount 2. Prepare the equity section on the November 30, 2023, balance sheet, assuming profit earned during November 2023 was $281,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
please do not provide solution in image format thank you!
Transcribed Image Text:Bandara Gold Inc's equity section on the October 31, 2023, balance sheet showed the following information:
Common shares, unlimited shares authorized, 700,000
shares issued and outstanding
Retained earnings
On November 15, 2023, Bandara's board of directors declared a 3:1 share split to the shareholders of record on November 20 to be
distributed on November 29. The market prices of the shares on November 15, 20, and 29 were $2.35, $0.80, and $0.98, respectively.
Required:
1. Prepare the required entries for November 15, 20, and 29.
Date
Nov 15
Nov 20
Nov 29
$1,890,000
136,000
Note Disclosure
Contributed capital:
Amount
2. Prepare the equity section on the November 30, 2023, balance sheet, assuming profit earned during November 2023 was
$281,000.
BANDARA GOLD INC.
Equity Section of Balance Sheet
November 30, 2023
Transcribed Image Text:2. Prepare the equity section on the November 30, 2023, balance sheet, assuming profit earned during November 2023 was
$281,000
Contributed capital
Total equity
BANDARA GOLD INC.
Equity Section of Balance Sheet
November 30, 2023
S
60
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education