Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

White Pear Inc., an organic soap manufacturer, showed the following equity information as at December 31, 2017: White Pear Inc. Equity Section of the Balance

image text in transcribed

White Pear Inc., an organic soap manufacturer, showed the following equity information as at December 31, 2017: White Pear Inc. Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Preferred shares, $3.60 non-cumulative; 100,000 shares authorized 79,000 shares issued and outstanding Common shares; unlimited shares authorized ? shares issued and outstanding Total contributed capital Retained earnings Total equity $ 7,102,000 Other information: a. The preferred shares had sold for an average price of $40.00. b. The common shares had sold for an average price of $14.60. c. Retained Earnings at December 31, 2016, was $196,000. During 2017, profit earned was $1,768,000. The board of directors declared a total cash dividend of $560,000. Required: Calculate the missing figures. WHITE PEAR INC. Equity Section of the Balance Sheet December 31, 2017 Contributed capital: Preferred shares, $3.60 non-cumulative; 100,000 shares authorized 79,000 shares issued and outstanding Common shares; unlimited shares authorized; shares issued and outstanding Total contributed capital Retained earnings Total equity $ 7,102,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions