Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet for Tactex Controls Inc., provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1

The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on
December 31,2022. Equity Section of the Balance SheetContributed capital: 27,000 shares issued and outstanding $ 399,000 outstanding
Total contributed capital
Retained earnings
Total equity 385,000In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts:Jan. 1 Sold 37,000 common shares at $11.34 per share. shareholders of record. Dividends had not been declared for the years 2021 and 2022. AllFeb. 28 Paid the dividends declared on January 5.
July 1 Sold preferred shares for a total of $157,500. The average issue price was $20 per share.
Dec. 31 Closed the dividend accounts along with the $577,500 credit balance in the Income Summary 2024 common share cash dividend payable on October 28 to the October 5 shareholders of record.
Oct. 28 Paid the dividends declared on September 5.
Dec. 31 Closed the Cash Dividends account along with the $543,900 credit balance in the Income Prepare a statement of changes in equity for the year ended December 31,2024.(Amounts to be deducted should be indicated by
a minus sign.)
Loss
Profit
image text in transcribed

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

Financial Accounting Theory

Authors: Craig Deegan, H. Bierman

4th Edition

0071013148, 978-0071013147

More Books

Students also viewed these Accounting questions

Question

=+What do you think about the CDFI Fund, establish in 1994?

Answered: 1 week ago