Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CarFind Inc. showed the following equity information at December 3 1 , 2 0 2 2 Common shares, unlimited shares authorized; 4 , 1 0

CarFind Inc. showed the following equity information at December 31,2022
Common shares, unlimited shares authorized; 4,100,000 shares issued and outstanding
$1,010,000
Retained earnings
1,380,000
On April 1,2023,210,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% share dividend to shareholders of record on June 15; the distribution date was July 1. The market prices of the shares on June 1, June 15, and July 1 were $2.98,$1.86, and $246, respectively. On December 11, the board of directors declared a 2.1 share split to shareholders of record on December 15; the distribution date was December 20. Profit earned during the year was $1,495,000.
Required:
Prepare the company's equity section on the December 31,2023, balance sheet.
\table[[CARFIND INC.,],[Equity Section of Balance Sheet,],[Contributed capital:,December 31,2023],[,],[,],[Total equity,]]
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: John Hoggett, Lew Edwards, John Medlin, Keryn Chalmers, Jodie Maxfield, Andreas Hellmann, Claire Beattie

9th Edition

1118608208, 978-1118608203

More Books

Students also viewed these Accounting questions