Question
The financial statements of Planet Media Inc. included the following selected information: Common shares $ 1,660,000 Retained earnings 937,000 Net earnings 1,203,500 Dividends declared 1,095,000
The financial statements of Planet Media Inc. included the following selected information:
Common shares | $ | 1,660,000 | |
Retained earnings | 937,000 | ||
Net earnings | 1,203,500 | ||
Dividends declared | 1,095,000 | ||
The common shares were sold at $20 per share. Required: a. What was the amount of retained earnings at the beginning the year? (Round your intermediate calculations and final answer to nearest whole dollar amount.)
b. Compute earnings per share. Assume the weighted average number of shares outstanding is equal to the number of shares outstanding.(Round the final answer to 2 decimal places.)
c. Prepare the shareholders' equity section of the companys statement of financial position at the end of the year.
\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ PLANET MEDIA INC. } \\ \hline \multicolumn{2}{|c|}{ Shareholders' Equity } \\ \hline \multicolumn{2}{|c|}{ As at End of Year } \\ \hline Share capital: & \\ \hline & \\ \hline Shareholders' equity & \\ \hline \end{tabular}Step by Step Solution
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