Halifax Metal Products Ltd. had the following shareholders' equity at October 31, 2014: Common shares, unlimited shares
Question:
Halifax Metal Products Ltd. had the following shareholders' equity at October 31, 2014:
Common shares, unlimited shares authorized, 60,000 shares issued and outstanding....$150,000
Retained earnings....................................................................................450,000
Total shareholders' equity.........................................................................$600,000
On November 14, 2014, Halifax Metal Products Ltd. split its common shares 2 for 1. Make the memorandum entry to record the stock split, and prepare the shareholders' equity section of the balance sheet immediately after the split.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Nov 14 2014 Distributed one new common share for each old share previously outstanding ...View the full answer
Accounting
ISBN: 978-0132690089
9th Canadian Edition volume 2
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
