The December 31, 2023, equity section of ZoomZoom inc's balance sheet appears below ZooZoon Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Preferred shares, $3.75 cumulative, 33,000 shares authorized and issued Preferred shares, $10 non-cumulative, 8,700 shares authorized and issued Common shares, 330,000 shares authorized and issued Total contributed capital Retained earnings Total equity Required: All the shares were issued on January 1, 2021 (when the corporation began operations) No dividends had been declared during the first two years of operations (2021 and 2022) During 2023, the cash dividends declared and paid totalled $578,300. 1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares Show Transcribed Text Required: All the shares were issued on January 1, 2021 (when the corporation began operations). No dividends had been de first two years of operations (2021 and 2022). During 2023, the cash dividends declared and paid totalled $578,30 1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares. Cumulative preferred shares Noncumulative preferred shares Common shares Show Transcribed Text Retained earrings balance 2. Assuming profit earned during 2023 was $1,215,000, determine the December 31, 2022, balance in retained earnings Show Transcribed Text Balance, January 1 Issuance of shares Dividends Balance, December 31 Cash Dividends 3. 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.) $ ZOOMZOOM INC Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Preferred shares, $3.75 cum shares, $10 Non-cum 05 $1,550,000 600,000 1,680,000 13,870,000 706,400 $4,576,600 3 Common Retained shares earnings 0$ 0$ Total equity 0$ 0
The December 31, 2023, equity section of ZoomZoom inc's balance sheet appears below ZooZoon Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Preferred shares, $3.75 cumulative, 33,000 shares authorized and issued Preferred shares, $10 non-cumulative, 8,700 shares authorized and issued Common shares, 330,000 shares authorized and issued Total contributed capital Retained earnings Total equity Required: All the shares were issued on January 1, 2021 (when the corporation began operations) No dividends had been declared during the first two years of operations (2021 and 2022) During 2023, the cash dividends declared and paid totalled $578,300. 1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares Show Transcribed Text Required: All the shares were issued on January 1, 2021 (when the corporation began operations). No dividends had been de first two years of operations (2021 and 2022). During 2023, the cash dividends declared and paid totalled $578,30 1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares. Cumulative preferred shares Noncumulative preferred shares Common shares Show Transcribed Text Retained earrings balance 2. Assuming profit earned during 2023 was $1,215,000, determine the December 31, 2022, balance in retained earnings Show Transcribed Text Balance, January 1 Issuance of shares Dividends Balance, December 31 Cash Dividends 3. 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.) $ ZOOMZOOM INC Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Preferred shares, $3.75 cum shares, $10 Non-cum 05 $1,550,000 600,000 1,680,000 13,870,000 706,400 $4,576,600 3 Common Retained shares earnings 0$ 0$ Total equity 0$ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The December 31, 2023, equity section of ZoomZoom inc's balance sheet appears below
ZooZoon Inc.
Equity Section of the Balance Sheet
December 31, 2023
Contributed capital:
Preferred shares, $3.75 cumulative, 33,000 shares authorized and
issued
Preferred shares, $10 non-cumulative, 8,700 shares authorized and
issued
Common shares, 330,000 shares authorized and issued
Total contributed capital
Retained earnings
Total equity
Required:
All the shares were issued on January 1, 2021 (when the corporation began operations) No dividends had been declared during the
first two years of operations (2021 and 2022) During 2023, the cash dividends declared and paid totalled $578,300.
1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares
Show Transcribed Text
Cumulative preferred shares
Noncumulative preferred shares
Common shares
Required:
All the shares were issued on January 1, 2021 (when the corporation began operations). No dividends had been de
first two years of operations (2021 and 2022). During 2023, the cash dividends declared and paid totalled $578,30
1. Calculate the amount of cash dividends paid during 2023 to each of the three classes of shares.
Show Transcribed Text
Retained earnings balance
Show Transcribed Text
Balance, January 1
Issuance of shares
2. Assuming profit earned during 2023 was $1,215,000, determine the December 31, 2022, balance in retained earnings
Dividends
Balance, December 31
Cash
Dividends
$
3. 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.)
Preferred Preferred
shares, shares, $10
$3.75 cum. Non-cum
D
ZOOMZOOM INC.
Statement of Changes in Equity
For Year Ended December 31, 2023
05
3
4
3
$1,550,000
600,000
1,680,000
13,870,000
706,400
$4,576,600
05
Common Retained
shares earnings
0 $
Total equity
05
0
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