The equity sections from the 2023 and 2024 balance sheets of Fab-Form Industries Inc. appeared as follows: Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Common shares, unlimited shares authorized, 95,000 shares issued and outstanding. Retained earnings Total equity Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2024 Contributed capital: Common shares, unlimited shares authorized, 113,200 shares. issued and outstanding. Retained earnings Total equity $ 678,000 548,608 $1,226,608 $816,320 449,600 $1,265,920 On March 16, June 15, September 5, and November 22, 2024, the board of directors declared $0.15 per share cash dividends on the outstanding common shares. On October 14, 2024, 18,200 additional common shares were issued. Required: Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2024 profit (loss) of Fab-Form Industries Inc.
The equity sections from the 2023 and 2024 balance sheets of Fab-Form Industries Inc. appeared as follows: Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Common shares, unlimited shares authorized, 95,000 shares issued and outstanding. Retained earnings Total equity Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2024 Contributed capital: Common shares, unlimited shares authorized, 113,200 shares. issued and outstanding. Retained earnings Total equity $ 678,000 548,608 $1,226,608 $816,320 449,600 $1,265,920 On March 16, June 15, September 5, and November 22, 2024, the board of directors declared $0.15 per share cash dividends on the outstanding common shares. On October 14, 2024, 18,200 additional common shares were issued. Required: Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2024 profit (loss) of Fab-Form Industries Inc.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The equity sections from the 2023 and 2024 balance sheets of Fab-Form Industries Inc. appeared as follows:
Fab-Form Industries Inc.
Equity Section of the Balance Sheet
December 31, 2023
Contributed capital:
Common shares, unlimited shares authorized, 95,000 shares
issued and outstanding
Retained earnings
Total equity
Fab-Form Industries Inc.
Equity Section of the Balance Sheet
December 31, 2024
Contributed capital:
Common shares, unlimited shares authorized, 113,200 shares
issued and outstanding
Retained earnings
Total equity
$ 678,000
548,608
$1,226,608
$ 816,320
449,600
$1,265,920
On March 16, June 15, September 5, and November 22, 2024, the board of directors declared $0.15 per share cash dividends on the
outstanding common shares. On October 14, 2024, 18,200 additional common shares were issued.
Required:
Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2024
profit (loss) of Fab-Form Industries Inc.
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