Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $2.90, non-cumulative, Authorized: 21,800 shares Issued and outstanding: 5,900 shares $ 41,300 Common shares, Authorized: Unlimited Issued and outstanding: 89,500 shares Retained earnings 302,926 44,200 On February 1, 2023, 5,900 preferred shares were issued at $8.60 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 12% common share dividend was declared and distributed on the same day when the market price per common share was $4.65. On October 1, 2023, 21,800 common shares were issued at $4.79 each. Profit earned during 2023 was $417,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. KAYE BIOTECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Common Total Equity Shares Shares Retained Earnings Balance, January 1 Preferred shares issued $ 41,300 $ 302,926 $ 44,200 $ 388,426 50,740 0 0 50,740 Common shares issued 0 (104,422)x 0(104,422) Preferred cash dividends 0 (34,220) (34,220) Common shares dividend Profit 0× (49,942) (49,942) 0 0 417,800 417,800 Balance, December 31 $ 92,040 $ 198,504 $377,838 $ 668.382
Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $2.90, non-cumulative, Authorized: 21,800 shares Issued and outstanding: 5,900 shares $ 41,300 Common shares, Authorized: Unlimited Issued and outstanding: 89,500 shares Retained earnings 302,926 44,200 On February 1, 2023, 5,900 preferred shares were issued at $8.60 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 12% common share dividend was declared and distributed on the same day when the market price per common share was $4.65. On October 1, 2023, 21,800 common shares were issued at $4.79 each. Profit earned during 2023 was $417,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. KAYE BIOTECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Common Total Equity Shares Shares Retained Earnings Balance, January 1 Preferred shares issued $ 41,300 $ 302,926 $ 44,200 $ 388,426 50,740 0 0 50,740 Common shares issued 0 (104,422)x 0(104,422) Preferred cash dividends 0 (34,220) (34,220) Common shares dividend Profit 0× (49,942) (49,942) 0 0 417,800 417,800 Balance, December 31 $ 92,040 $ 198,504 $377,838 $ 668.382
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kaye Biotech Inc. had the following equity account balances at December 31, 2022:
Preferred shares, $2.90, non-cumulative,
Authorized: 21,800 shares
Issued and outstanding: 5,900 shares
$ 41,300
Common shares,
Authorized: Unlimited
Issued and outstanding: 89,500 shares
Retained earnings
302,926
44,200
On February 1, 2023, 5,900 preferred shares were issued at $8.60 each. The board of directors declared and paid the annual cash
dividend on the preferred shares on June 30, 2023, and a 12% common share dividend was declared and distributed on the same day
when the market price per common share was $4.65. On October 1, 2023, 21,800 common shares were issued at $4.79 each. Profit
earned during 2023 was $417,800.
Required:
Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be
deducted should be indicated by a minus sign.)
Answer is complete but not entirely correct.
KAYE BIOTECH INC.
Statement of Changes in Equity
For Year Ended December 31, 2023
Preferred Common
Total
Equity
Shares
Shares
Retained
Earnings
Balance, January 1
Preferred shares issued
$ 41,300
$ 302,926
$ 44,200
$ 388,426
50,740
0
0
50,740
Common shares issued
0
(104,422)x
0(104,422)
Preferred cash dividends
0
(34,220) (34,220)
Common shares dividend
Profit
0×
(49,942)
(49,942)
0
0
417,800
417,800
Balance, December 31
$ 92,040
$ 198,504
$377,838
$ 668.382
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