93) The following statement of shareholders' equity for the Q8 Corporation is missing explanations of the events that led to the changes in the shareholders' equity accounts. Write a brief explanation for each change.
|
Common shares
|
Contributed surplus
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Balance
|
Balance
|
$190,000
|
$0
|
$65,000
|
|
$255,000
|
a.
|
74,000
|
|
|
|
74,000
|
b.
|
|
|
86,500
|
|
86,500
|
c.
|
|
|
(12,800)
|
|
(12,800)
|
d.
|
30,000
|
|
(30,000)
|
|
-0-
|
e.
|
(5,000)
|
2,000
|
|
|
(3,000)
|
f.
|
|
|
|
3,000
|
3,000
|
Balance
|
$289,000
|
$2,000
|
$108,700
|
$3,000
|
$402,700
|
94) Q8 Inc. reported retained earnings of $950,000 on December 31, 2010. During 2011, Q8 Inc. declared and paid $50,000 in dividends to preferred shareholders and $24,000 in dividends to common shareholders. Net income for 2011 was $106,000. A prior-period adjustment was recorded, resulting in a charge against retained earnings of $36,000.
Prepare a statement of retained earnings for Q8 Inc. for 2011.
95) Given the following information prepare a Statement of Shareholders' Equity for Q8 Inc for 2011.
Common Shares Balance December 31, 201 $22,000 (2,200 shares outstanding)
Net Income 201115,350
Discontinued operations5,700
New shares issued May 1, 2011 12,500
Share dividend issued September 30, 2011 8,500
Repurchase of common shares March 30, 2011 1,800 (200 shares)
Cash dividends November 30, 2011 1,500
Retained earnings December 31, 2010 4,500