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Required: 14/11/ 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared View transaction list Journal entry worksheet < ***** Record the dividend declared on 20.100 outstanding shares Note: Enter debits before credits. Date Jan 05, 2023 Record entry Balance, January 1 Balance, December 31 General Journal Clear entry Contributed capital Total equity 9 Show Transcribed Text 2. Prepare a statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Debit UMI SUSTAINABLE SEAFOOD INC Statement of Changes in Equity For Year Ended December 31, 2923 Common Shares Credit Retained Earnings View general journal + Total Equity 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2023 (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2023

Required: 14/11/ 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared View transaction list Journal entry worksheet < ***** Record the dividend declared on 20.100 outstanding shares Note: Enter debits before credits. Date Jan 05, 2023 Record entry Balance, January 1 Balance, December 31 General Journal Clear entry Contributed capital Total equity 9 Show Transcribed Text 2. Prepare a statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Debit UMI SUSTAINABLE SEAFOOD INC Statement of Changes in Equity For Year Ended December 31, 2923 Common Shares Credit Retained Earnings View general journal + Total Equity 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2023 (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2023

FINANCIAL ACCOUNTING
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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Required: 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared. View transaction list Journal entry worksheet Record the dividend declared on 20.100 outstanding shares. Note: Enter debits before credits. Date Jan 05, 2023 Record entry Balance, January 1 Balance, December 31 General Journal Clear erily Contributed capital Total equity Show Transcribed Text G 2. Prepare a statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Debit Cred UMI SUSTAINABLE SEAFOOD INC Statement of Changes in Equity For Year Ended December 31, 2023 Common Retained Earnings > View general journal Total Equity 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2023 (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2023
Transcribed Image Text:Required: 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared. View transaction list Journal entry worksheet Record the dividend declared on 20.100 outstanding shares. Note: Enter debits before credits. Date Jan 05, 2023 Record entry Balance, January 1 Balance, December 31 General Journal Clear erily Contributed capital Total equity Show Transcribed Text G 2. Prepare a statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Debit Cred UMI SUSTAINABLE SEAFOOD INC Statement of Changes in Equity For Year Ended December 31, 2023 Common Retained Earnings > View general journal Total Equity 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2023 (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD INC. Equity Section of the Balance Sheet December 31, 2023
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2022 Common shares, unlimited shares authorized, 20,100 shares issued and outstanding Retained earnings Total equity In 2023, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. 28 Paid the dividend declared on January 5. $369,000 217,000 $586,000 Feb. July 6 Sold 800 common shares at $38.50 per share. Aug. 22 Sold 1,300 common shares at $27.30 per share. Sept. 5 The directors declared a $3.30 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. Dec. 28 Paid the dividend declared on September 5. 31 Closed the $347,300 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Required: 4 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared. View transaction list
Transcribed Image Text:The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2022 Common shares, unlimited shares authorized, 20,100 shares issued and outstanding Retained earnings Total equity In 2023, Umi had the following transactions affecting shareholders and the equity accounts: Jan. 5 The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. 28 Paid the dividend declared on January 5. $369,000 217,000 $586,000 Feb. July 6 Sold 800 common shares at $38.50 per share. Aug. 22 Sold 1,300 common shares at $27.30 per share. Sept. 5 The directors declared a $3.30 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. Dec. 28 Paid the dividend declared on September 5. 31 Closed the $347,300 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Required: 4 1. Prepare journal entries to record the transactions and closings for 2023. The company uses a Cash Dividends account when dividends are declared. View transaction list
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