The equity section from the December 31, 2023 and 2024, balance sheets of Westburne Corporation appeared as follo Contributed capital: Common shares, 50,000 shares authorized; 23,400 and 21,400 shares issued and outstanding, respectively Retained earnings 2024 2023 $514,800 $428,000 564,000 452,000 The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.50 per share cash dividend was declared, and the date of record vas five days later. Mar. 20 1,900 conmon shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Required: 1. How many shares were outstanding on each of the cash dividend dates? Aug. 14 The share dividend was issued. oct. 5 a $1.50 per share cash dividend was declared, and the date of record was five days later.
The equity section from the December 31, 2023 and 2024, balance sheets of Westburne Corporation appeared as follo Contributed capital: Common shares, 50,000 shares authorized; 23,400 and 21,400 shares issued and outstanding, respectively Retained earnings 2024 2023 $514,800 $428,000 564,000 452,000 The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Westburne): Jan. 5 A $1.50 per share cash dividend was declared, and the date of record vas five days later. Mar. 20 1,900 conmon shares were repurchased and retired at $20.00 per share. Apr. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Required: 1. How many shares were outstanding on each of the cash dividend dates? Aug. 14 The share dividend was issued. oct. 5 a $1.50 per share cash dividend was declared, and the date of record was five days later.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The equity section from the December 31, 2023 and 2024, balance sheets of Westburne Corporation appeared as follows:
Contributed capital:
Common shares, 50,000 shares authorized; 23.400 and 21,400
shares issued and outstanding, respectively
Retained earnings
The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Westburne):
Jan. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later.
Mar. 20 1,900 common shares were repurchased and retired at $20.00 per share.
Apr.
5 A $1.50 per share cash dividend was declared, and the date of record was five days later.
July 5 A $1.50 per share cash dividend was declared, and the date of record was five days later.
July 31 A 20% share dividend was declared when the market value was $32.00 per share.
Required:
1. How many shares were outstanding on each of the cash dividend dates?
Outstanding shares
Aug. 14 The share dividend was issued.
oct. 5 a $1.50 per share cash dividend was declared, and the date of record was five days later.
Jan, 5
Profil
Apr. 5 July 5
2024
Oct. 5
2. How much profit did the company earn during 2024?
2023
$514,800 $428,000
564,000 452,000
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