Samuells' Sportswear's articles of incorporation authorize the company to issue 5,000 $5 preferred shares and 500,000 common

Question:

Samuells' Sportswear's articles of incorporation authorize the company to issue 5,000 $5 preferred shares and 500,000 common shares. Samuells' issued 1,000 preferred shares at $100 per share. It issued 100,000 common shares for $427,000. The company's Retained Earnings balance at the beginning of 2014 was $61,000. Net income for 2014 was $80,000, and the company declared a $5 cash on preferred shares for 2014.
Requirement
Prepare the shareholders' equity section of Samuells' Sportswear Inc.'s at December 31, 2014. Show the computation of all amounts. Journal entries are not required.
Balance Sheet
Balance 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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...