Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cullumber Supply Corporation provided the following schedule detailing the changes in the shareholders' equity accounts during 2023 and 2024, 2024 2023 Number Number of Shares
Cullumber Supply Corporation provided the following schedule detailing the changes in the shareholders' equity accounts during 2023 and 2024, 2024 2023 Number Number of Shares Amount of Shares Amount Common shares, unlimited authorized Balance, January 1 Issued shares for cash Reacquired shares Balance, December 31 500,000 $600,000 500,000 $600,000 50,000 32,500 0 (25,000) (28,750) 0 525,000 603,750 500,000 600,000 Contributed surplus-reacquisition of common shares Balance, January 1 Reacquired common shares Balance, December 31 15,000 15,000 8,000 0 23,000 15,000 Reacquired common shares Balance, December 31 Retained earnings Balance, January 1 Profit (loss) for the year Common dividends-Cash 8,000 0 23,000 15,000 179,500 190,000 22,500 19,500 (21,000) (30,000) 181,000 179,500 Balance, December 31 Accumulated other comprehensive income Balance, January 1 51,000 54,000 Other comprehensive income (loss) for the year 17,000 (3,000) Balance, December 31 68,000 51,000 Shareholders' equity, December 31 $875,750 $845,500 Balance, December 31 Shareholders' equity, December 31 68,000 51,000 $875,750 $845,500 Prepare the statement of changes in shareholders' equity for the year ended December 31, 2024. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) CULLUMBER SUPPLY CORPORATION Statement of Changes in Shareholders' Equity Balance, January 1 Issued shares for cash Contributed Surplus- Acc Common Shares Reacquisition of Retained O Common Shares Earnings 1 $ Balance, January 1 Issued shares for cash Reacquired common shares Cash dividends Comprehensive income Balance, December 31 +A CULLUMBER SUPPLY CORPORATION Statement of Changes in Shareholders' Equity Contributed Surplus- Common Reacquisition of Retained Acc C Shares Common Shares Earnings $ 0 D $ < ENG US $ CULLUMBER SUPPLY CORPORATION Statement of Changes in Shareholders' Equity Contributed Surplus- Accumulated Other Reacquisition of Common Shares Retained Earnings Comprehensive Income (Loss) $ Total ENG Prepare the shareholders' equity section of the balance sheet at December 31, 2024. CULLUMBER SUPPLY CORPORATION Partial Balance Sheet aToythonk and Media
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started