The equity sections from the 2020 and 2021 balance sheets of Fab-Form Industries Inc. appeared as follows: Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 96,300 shares issued and outstanding Retained earnings $ 691, e00 561,608 Total equity $1,252,608 Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2021 Contributed capital: Common shares, unlimited shares authorized, 115,80ə shares issued and outstanding Retained earnings $ 839, 200 462,600 Total equity $1,301,800 On March 16, June 15, September 5, and November 22, 2021, the board of directors declared $0.20 per share cash dividends on the outstanding common shares. On October 14, 2021, 19,500 additional common shares were issued. Required: Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2021 profit (loss) of Fab-Form Industries Inc.
The equity sections from the 2020 and 2021 balance sheets of Fab-Form Industries Inc. appeared as follows: Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 96,300 shares issued and outstanding Retained earnings $ 691, e00 561,608 Total equity $1,252,608 Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2021 Contributed capital: Common shares, unlimited shares authorized, 115,80ə shares issued and outstanding Retained earnings $ 839, 200 462,600 Total equity $1,301,800 On March 16, June 15, September 5, and November 22, 2021, the board of directors declared $0.20 per share cash dividends on the outstanding common shares. On October 14, 2021, 19,500 additional common shares were issued. Required: Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2021 profit (loss) of Fab-Form Industries Inc.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The equity sections from the 2020 and 2021 balance sheets of Fab-Form Industries Inc. appeared as follows:
Fab-Form Industries Inc.
Equity Section of the Balance Sheet
December 31, 2020
Contributed capital:
Common shares, unlimited shares authorized, 96,300 shares
issued and outstanding
Retained earnings
$ 691,000
561,608
Total equity
$1,252,608
Fab-Form Industries Inc.
Equity Section of the Balance Sheet
December 31, 2021
Contributed capital:
Common shares, unlimited shares authorized, 115,800 shares
issued and outstanding
Retained earnings
$ 839, 200
462,600
Total equity
$1,301,800
On March 16, June 15, September 5, and November 22, 2021, the board of directors declared $0.20 per share cash dividends on the
outstanding common shares. On October 14, 2021, 19,500 additional common shares were issued.
Required:
Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2021 profit
(loss) of Fab-Form Industries Inc.
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