nsider the following information for X Corporation: • Retained earnings balance January 1, 2022, $121,500. • Share capital balance January 1, 2022, $27,000. • Net income for year 2022, $145,817. • Dividends declared and paid for year 2022, $53,275. • Additional share capital issued May 31, 2022, $4,000. Requirements: 1. Using the above information, prepare a formal Statement of Changes in Equity.

nsider the following information for X Corporation: • Retained earnings balance January 1, 2022, $121,500. • Share capital balance January 1, 2022, $27,000. • Net income for year 2022, $145,817. • Dividends declared and paid for year 2022, $53,275. • Additional share capital issued May 31, 2022, $4,000. Requirements: 1. Using the above information, prepare a formal Statement of Changes in Equity.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Consider the following information for X Corporation:
• Retained earnings balance January 1, 2022, $121,500.
• Share capital balance January 1, 2022, $27,000.
• Net income for year 2022, $145,817.
• Dividends declared and paid for year 2022, $53,275.
• Additional share capital issued May 31, 2022, $4,000.
Requirements:
1. Using the above information, prepare a formal Statement of Changes in Equity.

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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