Question 14-8B

- What was TELUS's earnings per share in 2013? Did this increase or decrease from 2012? Did the company pay dividends in 2011? If so, how much were they? IFRS MINI-CASE Preparing financial statements US Golden Goods Ltd is a Canadian importer that does business around the world. To obtain credit to do business in other countries, it has to present its financial statements to suppliers, who assess the statements and decide whether to extend credit to Golden. Because of this Golden prepares its financial statements using IFRS Your task as an employee of Golden Goods Ltd. is to complete two key financial statements. Required 1. Calculate the missing amounts to complete the Golden Goods Ltd. income statement Show your calculations S800.000 380.000 22.000 b S80.000 (20.000 GOLDEN GOODS LTD. Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross margin Operating expenses listed individually) Operating income Other gains (losses Gain on sale of land Loss due to labour dispute Income from continuing operations before income tax Income tax expense Income from continuing operations Discontinued operations Operating low,560,000, plus income tax saving of 521.000 Gain on disposal, 521,000, less income tax of S7.000 Net income Eaming per common share (20,000 shares outstanding Income from continuing operations Income from discontinued operations Net income 51.000 14.000 Chapter 14 Corporations: Retained Easings and the income Statement 833 Problem 14-8B Orillia Outfitters Ltd. had the following shareholders' equity on January 1, 2017: Accounting for stock dividends, stock splits, share transactions, and preparing the statement of shareholders' equity $150,000 Preferred shares, $0.75, cumulative (1 year in arrears), liquidation price of $5.00, 50,000 shares authorized, 15,000 shares issued and outstanding Common shares, unlimited number of shares authorized, 25,000 shares issued and outstanding Total contributed capital Retained earnings Total shareholders' equity 125,000 275,000 220,000 $495,000 Apr. The following transactions took place during 2017: Jan 28 Declared a $25,000 cash dividend, payable on March 1 to the shareholders of record on February 15. Indicate the amount payable to each class of shareholder. Feb. 25 Issued 10,000 common shares for $7.00 per share. Mar. 1 Paid the cash dividend declared on January 28. 4 Declared a 10 percent stock dividend on the common shares, distributable on May 15 to the shareholders of record on April 15. The market value of the shares was $8.00 per share. May 15 Distributed the stock dividend declared on April 4. Jul. Repurchased 10,000 of the company's own common shares at $8.50 per share. 3 Issued 5,000 common shares for $8.50 per share. Nov. 2 Split the common shares 2 for 1. 31 Reported net income of $100,000. Closed the Income Summary account. 6 Sep Dec. 30 Part 3 Accounting for Partnerships and Corporate Transactions TRU Ooon Leaming Q4 P14-8B Page 830 20 Marks (30-50 min.) General Journal POST DATE 2017 Jan ACCOUNT TITLES AND DOPLANATIONS REF DEBIT CREDIT TRIO ACOT Bon2 Online Led Stamment of For the Year Ended December 31, 2017 Common Ewings Euty B, December 31, 2016 Required 1. Record the transactions in the general journal . Explanations are not required. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2017