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, 96,200 shares issued and outstanding Retained' earnings Total equity Retained earnings Total equity Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2024 Contributed capital: Common shares, unlimited shares authorized, 115,600 shares issued and outstanding $ 690,000 560,608 $1,250,608 $ 837,440 461,600 $1,299,040 On March 16, June 15, September 5, and November 22, 2024, the board of directors declared $0.15 per share cash dividends on th outstanding common shares. On October 14, 2024, 19,400 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, 96,200 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, 115,600 shares
issued and outstanding
Retained earnings
Total equity
$ 690,000
560,608
$1,250,608
$ 837,440
461,600
$1,299,040
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, 19,400 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.
Transcribed Image Text:S 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, 96,200 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, 115,600 shares issued and outstanding Retained earnings Total equity $ 690,000 560,608 $1,250,608 $ 837,440 461,600 $1,299,040 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, 19,400 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.
S
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, 96,200 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, 115,600 shares
issued and outstanding
Retained earnings
Total equity
$ 690,000
560,608
$1,250,608
$ 837,440
461,600
$1,299,040
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, 19,400 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.
Transcribed Image Text:S 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, 96,200 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, 115,600 shares issued and outstanding Retained earnings Total equity $ 690,000 560,608 $1,250,608 $ 837,440 461,600 $1,299,040 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, 19,400 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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