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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Instructions Complete the following statements. ***Note: Common shares were issued at $4 per share.*** (a) The number of common shares issued was (b) The preferred shares dividend was $ per share. (c) The average issue price of the preferred shares was $ (d) If Dividends have never been issued. How much Net Income has Chesher Corporation earned over the years? $ (e) The total amount of cash and other assets paid to Chesher Corporation in exchange for share capital, at December 31, 2010 was $ as total contributed capital is the term used to describe the total amount of cash and other assets paid by shareholders. (f) Do the preferred shareholders have a right to dividends in arrears if the board of Directors Declared a Dividend this year? (Yes or NO) Why? Yes or No (highlight one) Why?
Transcribed Image Text:Instructions Complete the following statements. ***Note: Common shares were issued at $4 per share.*** (a) The number of common shares issued was (b) The preferred shares dividend was $ per share. (c) The average issue price of the preferred shares was $ (d) If Dividends have never been issued. How much Net Income has Chesher Corporation earned over the years? $ (e) The total amount of cash and other assets paid to Chesher Corporation in exchange for share capital, at December 31, 2010 was $ as total contributed capital is the term used to describe the total amount of cash and other assets paid by shareholders. (f) Do the preferred shareholders have a right to dividends in arrears if the board of Directors Declared a Dividend this year? (Yes or NO) Why? Yes or No (highlight one) Why?
Section D-Thinking /7 The following items were shown on the balance sheet of Chesher Corporation on December 31, 2010: Shareholders' Equity Contributed Capital Share Capital Common shares, no par value, unlimited number of shares authorized; shares issued $1,200,000 $3 preferred shares, no par value, redeemable at $120, cumulative, 20,000 shares authorized, 5,000 shares issued 120,000 Total contributed capital 1,320,000 Retained Earnings 500,000 Total shareholders' equity $1,820,000
Transcribed Image Text:Section D-Thinking /7 The following items were shown on the balance sheet of Chesher Corporation on December 31, 2010: Shareholders' Equity Contributed Capital Share Capital Common shares, no par value, unlimited number of shares authorized; shares issued $1,200,000 $3 preferred shares, no par value, redeemable at $120, cumulative, 20,000 shares authorized, 5,000 shares issued 120,000 Total contributed capital 1,320,000 Retained Earnings 500,000 Total shareholders' equity $1,820,000
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