province 500,000 con and 20,000 preferred shares. Listed below are selected accounts from the general ledger of the Scar Corporation. Assuming all accounts have normal balances, prepare the shareholders' equity section of the balance sheet for the Scar Corporation as of December 31, 2020. Common shares 50,000 40,000 100,00 Cash Preferred shares Accounts receivable 35,000 50,000 75,000 45,000 Land Equipment Retained earnings

province 500,000 con and 20,000 preferred shares. Listed below are selected accounts from the general ledger of the Scar Corporation. Assuming all accounts have normal balances, prepare the shareholders' equity section of the balance sheet for the Scar Corporation as of December 31, 2020. Common shares 50,000 40,000 100,00 Cash Preferred shares Accounts receivable 35,000 50,000 75,000 45,000 Land Equipment Retained earnings

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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The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Contributed capital: Preferred shares, $1.5 cumulative, unlimited shares authorized; 14,000 shares issued and outstanding $ 386,000 Common shares, unlimited shares authorized; 69,000 shares issued and outstanding 729,000 Total contributed capital $ 1,115,000 Retained earnings 372,000 Total equity $1,487,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 24,000 common shares at $10.04 per share. 5 The directors declared a total cash dividend of $225,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. Feb. 28 Paid the dividends declared on January 5. July 1 Sold…
The following data is available for Quarantine Corporation at December 31, 2022: Common stock, par $10 (authorized 100,000 shares) $400,000 Based on the data, how many shares of common stock are outstanding? 50,000 40,000 100,000 400,000
Subject : Accounting
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