Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can somebody guide me through the 3 different statements. Thanks! On January 1, 2020, Ayayai Ltd. (a public company) had the following shareholders' equity accounts:

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Can somebody guide me through the 3 different statements. Thanks!

On January 1, 2020, Ayayai Ltd. (a public company) had the following shareholders' equity accounts: Preferred shares, $4 non-cumulative, unlimited number authorized, none issued 0 Common shares, unlimited number authorized, 720,000 issued $ 4,320,000 Retained earnings 1,234,000 Accumulated other comprehensive income 146,000 The following selected transactions occurred during 2020: Jan. 2 Issued 100,000 preferred shares at $100 per share. Mar. 5 Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1. Issued 130,000 common shares at $10 per share. Apr. 18 June 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Sept. 5 Dec. 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. Net income for the year was $430,000. Dec. 31 Balance Jan, 1, 2020 Issued preferred shares Issued common shares Declared dividends Net earnings Balance, December 31, 2020 Preferred Shares Number of Shares 100 Share Capital tA tA $ 100000 40000d Ayaya Statement of Changes i December 31, 2020 Common Shares Number of Shares 720000 130000 Prepare the statement of changes in shareholders' equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) AyayaiLtd. Statement of Changes in Shareholders' Equity December 31, 2020 Accumulated Other Comprehensive Income Share Capital Retained Earnings $ 146000 Common Shares Number of Shares 720000 130000 List of Accounts LA LA 4320000 1300000 tA tA 1234000 LA $ LA Prepare the shareholders' equity section of the SFP at December 31. AyayaiLtd. Statement of Financial Position (Partial) December 31, 2020 V $ List of Accounts Prepare the financing activities section of the statement of cash flows for the year ended December 31. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Ayayai Ltd. Cash Flow Statement (Partial) Financing activities: Cash $ List of Accounts December 31, 2020 financing activities account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Cash Preferred Shares Dividends Dividends Payable Dividends Payable Cash Common Shares Dividends Payable Dividends Payable Cash Jan. 2 Mar. 5 Apr. 1 V Apr. 18 V June 5 V July 1 V Sept. 5 V Oct. 1 Dec. 5 Dec. 31 Dec. 31 V Cash Dividends Cash Dividends Payable Dividends Payable Cash Dividends Dividends Payable Income Summary Dividends Payable (To close income summary account) Retained Earnings Cash (To close dividends account) 10000000 100000 100000 1300000 100000 100000 100000 100000 100000 430000 400000 10000 1000 100 1300 100 100 100 100 100 4301 400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Accounting questions