Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Collirs Inc. has the following accounts and account activity as of 3 0 June 2 0 X 5 : 2 0 X 5 net income

Collirs Inc. has the following accounts and account activity as of 30 June 20X5:
20X5 net income
2,380,930
Common shares (no par value, unlimited authorized, 798,746 issued and outstanding)
13,179,309
Class A preferred shares (100,000 authorized, 50,000 issued and outstanding, $1.30 cumulative, nonparticipating)
4,500,000
Retained earnings, 1 July 20X4
7,456,110
Share subscriptions
130,000
Contributed capital, common share retirement
7,500
Actuarial losses on defined benefit plan
174,000
Increase in unrealized FVOCI investments
137,000
AOCI-FVOCI investments, 1 July 20X4
74,900
AOCI-Actuarial losses on remeasurement, 1 July 20X4
408,000
Other information, not included in above accounts:
Dividends of $205,000 were declared on 14 June 20X5. The last time dividends were declared and paid was on 14 June 20X3.
16,700 common shares were retired for $18 per share. The average issuance price was $16.50 per share.
Required:
1. Calculate the total comprehensive income for the period ended 30 June 20X5.
2. Calculate the ending retained earnings.

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

Accounting Principles Part 3

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

6th Canadian edition Volume 1

1118306805, 978-1118306802

More Books

Students also viewed these Accounting questions