Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

part B!! answer before tuesday night!! please Blossom Supply Corporation provided the following schedule detailing the changes in the shareholders' equity accounts during 2020 and

part B!! answer before tuesday night!! please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Blossom Supply Corporation provided the following schedule detailing the changes in the shareholders' equity accounts during 2020 and 2021. 2021 2020 Number of Shares Number of Shares Amount Amount 480,000 $ 576,000 480,000 $ 576,000 Common shares, unlimited authorized Balance, January 1 Issued shares for cash Reacquired shares 31.000 0 48.000 (24,000) (27.591) 0 504,000 579,409 480.000 576,000 Balance, December 31 Contributed surplus-reacquisition of common shares 14,500 14,500 Balance, January 1 14,500 14,500 7,700 0 22,200 14,500 Balance, January 1 Reacquired common shares Balance, December 31 Retained earnings Balance, January 1 Profit (loss) Common dividends-Cash 172,500 182,000 21,500 19.500 (20,000) (29,000 174,000 172,500 Balance, December 31 Accumulated other comprehensive income Balance, January 1 Other comprehensive income (loss) 49,000 52.000 16,000 (3.000) 65,000 49.000 Balance, December 31 Shareholders' equity, December 31 $ 840,609 $ 812,000 Common Shares Contributed Surplus- Reacquisition of Common Shares Retained Earnings 576000 14500 172500 Balance January 1 Issued shares for cash 31000 Reacquired common shares -27591 7200 Cash dividends -20000 Comprehensive income 21500 579409 $ 22200 $ Balance, December 31 174000 $ Statement of Changes in Shareholders' Equity Contributed Surplus- Reacquisition of Common Shares Retained Earnings Accumulated Other Comprehensive Income (Loss) Total 14500 172500 49000 812000 31000 -19891 7700 -20000 -20000 37500 16000 21500 $ $ 840609 65000 $ 174000 22200 (b) Prepare the shareholders' equity section of the balance sheet at December 31, 2021. BLOSSOM SUPPLY CORPORATION Partial Balance Sheet Year ended December 31, 2021 ( (

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

11th Canadian edition Volume 2

1119048540, 978-1119048541

Students also viewed these Accounting questions

Question

What questions do you have for us?

Answered: 1 week ago