On March 1, 2023, VisionTech Inc.'s board of directors declared a 15% share dividend when the market price per share was $8.00. On November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2022, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,900,000 shares issued and outstanding Retained earnings Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was $1,005,000. (Amounts to be deducted should be indicated by a minus sign.) Balance, January 1 VISIONTECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Balance, December 31 Common Shares $24,570,000 4,615,000 Retained Earnings Total Equity
On March 1, 2023, VisionTech Inc.'s board of directors declared a 15% share dividend when the market price per share was $8.00. On November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2022, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,900,000 shares issued and outstanding Retained earnings Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was $1,005,000. (Amounts to be deducted should be indicated by a minus sign.) Balance, January 1 VISIONTECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Balance, December 31 Common Shares $24,570,000 4,615,000 Retained Earnings Total Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
don't give answer in image format
Transcribed Image Text:2. Prepare the equity section of the December 31, 2023, balance sheet.
Contributed capital:
Total equity
VISIONTECH INC.
Equity Section of Balance Sheet
December 31, 2023
$
0
Transcribed Image Text:On March 1, 2023, VisionTech Inc.'s board of directors declared a 15% share dividend when the market price per share was $8.00. On
November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2022, balance
sheet showed:
Common shares; 20,000,000 shares authorized; 3,900,000
shares issued and outstanding
Retained earnings
Required:
1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was
$1,005,000. (Amounts to be deducted should be indicated by a minus sign.)
Balance, January 1
VISIONTECH INC.
Statement of Changes in Equity
For Year Ended December 31, 2023
Balance, December 31
Common
Shares
$24,570,000
4,615,000
Retained
Earnings
Total Equity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 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