Preferred shares, $3.00 non- cumulative, unlimited shares authorized, 30,000

shares issued and outstanding $540,000.

Common shares, unlimited shares authorized

325,000 shares issued and outstanding $3,120,000

Total Contributed capital is $3,660,000

Deficit is -192,000

Total Equity $3,468,000

Required:

1)Calculate Profit/loss for the year ended Oct. 31, 2017.

2)Assume cash dividend $120,000 were paid during Oct. 31, 2016.

Calculate the total dividends actually paid the year ended Oct. 31, 2016; Preferred and Common

3) Refer #2 calculate the dividends per share actually received by Preferred and common shareholders

4) Are there any dividends in arrears as at Oct. 31, 2017? If yes, calculate the arrears.

5)Explain the difference between Retained and Deficit

6) Explain the difference between Dividends Arrears and Dividends payable.