Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E 1 4 1 6 Kalios Corp. reported the following shareholders equity information for the year ended October 3 1 , 2 0 2 2

E1416 Kalios Corp. reported the following shareholders equity information for the year ended October 31,2022:
COMMON SHARES, 400,000 SHARES AUTHORIZED140,000
SHARES ISSUED AND OUTSTANDING 1,400,000
RETAINED EARNING S 672,000
TOTAL SHAREHOLDES EQUITY 2,072,000
During 2023, Kalios Corp. completed these transactions and events:
Mar. 6 Declared and issued a 10 percent share dividend. At the time, their common shares were quoted at a market price of $11.50 per share.
May. 12 Sold 1,000 common shares for $12.50 per share.
Aug. 22 Sold 1,000 common shares to employees at $10.00 per share.
Oct. 15 Declared cash dividends of $140,000.
Oct. 31 Paid cash dividends declared on October 15.
Oct. 31 Net income for the year was $397,500.
Required Prepare Kalios Corp.s statement of shareholders equity for 2023.

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

ISE Managerial Accounting

Authors: Stacey M. Whitecotton, Robert Libby, Fred Phillips

5th Edition

1265117896, 9781265117894

More Books

Students also viewed these Accounting questions

Question

How do cultures and social communities shape communication?

Answered: 1 week ago