C5.7 Scenario 2On November 30, 2020, after preparing the shareholders' equity sectionshown at the beginning of this question (excluding Scenario 1), the companyimplemented a 4-for-1 stock split. For this scenario, assume that the stockdividend in scenario 1 did not happen; consider only the original balancesheet.a) Calculate the number of outstanding shares.Outstanding shares:sharesb) Prepare the shareholders' equity section of the balance sheet as atNovember 30, 2020 (after the stock split).EFG CorporationBalance Sheet (partial)As at November 30, 2020Shareholders' EquityContributed CapitalCommon shares, unlimited shares authorized, x sharesissued and outstandingRetained EarningsTotal Shareholders' Equity On November 30, 2020, EFG Corporation's shareholders' equity sectionshows the following balances.EFG CorporationBalance Sheet (partial)As at November 30, 2020Shareholders' EquityContributed CapitalCommon shares, unlimited shares authorized, 32,000 sharesissued and outstanding$192,000Retained Earnings$690,000Total Shareholders' Equity$882,000Do not enter dollar signs or commas in the input boxes.Scenario 1On November 30, 2020, after preparing the shareholders' equity sectionshown above, the company declared and immediately distributed a 60%stock dividend. The market price on the date of declaration was $10. Thecompany recorded the stock dividends by debiting retained earnings.a) Calculate the ending balance of retained earnings after the stock dividend.EFG CorporationCalculation of Retained EarningsFor the Month Ended November 30, 2020Opening BalanceLess: Stock DividendBalance - November 30, 2020b) Prepare the shareholders' equity section of balance sheet as at November30, 2020 (after the stock dividend has been distributed).EFG CorporationBalance Sheet (partial)As at November 30, 2020Shareholders' EquityContributed CapitalCommon shares, unlimited shares authorized, 51,200 sharesissued and outstandingRetained EarningsTotal Shareholders' Equity

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Scenario 2 On November 30, 2020, after preparing the shareholders' equity section shown at the beginning of this question (excluding Scenario 1), the company implemented a 4-for-1 stock split. For this scenario, assume that the stock dividend in scenario 1 did not happen; consider only the original balance sheet. a) Calculate the number of outstanding shares. Outstanding shares: shares b) Prepare the shareholders' equity section of the balance sheet as at November 30, 2020 (after the stock split). EFG Corporation Balance Sheet (partial) As at November 30, 2020 Shareholders' Equity Contributed Capital

Scenario 2 On November 30, 2020, after preparing the shareholders' equity section shown at the beginning of this question (excluding Scenario 1), the company implemented a 4-for-1 stock split. For this scenario, assume that the stock dividend in scenario 1 did not happen; consider only the original balance sheet. a) Calculate the number of outstanding shares. Outstanding shares: shares b) Prepare the shareholders' equity section of the balance sheet as at November 30, 2020 (after the stock split). EFG Corporation Balance Sheet (partial) As at November 30, 2020 Shareholders' Equity Contributed Capital

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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Q7
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