Question
Use the information provided below to answer the following questions. Victoria Products Inc. Equity Section of the Balance Sheet October 31, 2020 Contributed capital: A
Use the information provided below to answer the following questions.
Victoria Products Inc. | |||||
Equity Section of the Balance Sheet | |||||
October 31, 2020 | |||||
Contributed capital: | |||||
A | Preferred shares, $3 non-cumulative; unlimited shares authorized, shares issued and outstanding | $ | 647,500 | ||
Common shares, unlimited shares authorized, 330,000 shares issued and outstanding | B | ||||
Total contributed capital | C | ||||
Deficit | D | ||||
Total equity | $ | 3,783,500 | |||
Other information:
- All of the shares were issued during the first year of operations (year ended October 31, 2019).
- The common shares were issued for an average price of $10.1 per share.
- The preferred shares were issued for an average price of $18.5 per share.
- Retained Earnings at October 31, 2019, was $389,000. No dividends had been paid for the year ended October 31, 2020.
Required: 1. Calculate A.
2. Calculate B.
3. Calculate C.
4. Calculate D.
5. Calculate Profit/Loss for the year ended October 31, 2020.
6. Assume cash dividends of $125,000 were paid during the year ended October 31, 2019. Calculate the total dividends actually paid during the year ended October 31, 2019, to the:
7. Referring to your answers in Part 6 above, calculate the dividends per share actually received by the: (Round your final answers to 2 decimal places.)
8. Not available in Connect. 9. Not available in Connect. 10. Not available in Connect.
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