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Social Sciencewant to know how to do the last two part.. thankssssss!
Expert Answer
Prepare a statement of retained earnings for the year ended December 31, 2018 assuming net profit for the year was $720,000 as shown below:
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Amount ($) Particulars Opening balance of retained earnings Add: Net income Less: Dividends for cumulative perference dividend Less: Dividends for non-cumulative perference dividend Less: Dividends for common shares [(350,000+10,000) $0.05] Balance of retained earnings, December 31, 2018 $8,500,000 $720,000 $311,400 $720.000 $18,000 $8,170,600
Working calculations:
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Compute weighted average number of non-cumulative preference shares as shown below: Particulars Shares Opening number of cumulative shares Add: Shares issued on July 01 [26,000x(6-12)] Total number of cumulative preference shares 80,000 13.000 93,000 Compute weighted average number of cumulative-preference shares as shown below: Particulars Opening number of non-cumulative shares Shares 120,000 Add: Shares issued on Jan 01 Total number of non-cumulative preference shares 30.000 150,000
Compute dividends on cumulative preference s...
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Total value Parvalue of cumulative preference share (per share Number of shares $2,400, 000 80,000 - $30 Amount ($) Particulars Dividend for cumulative preference share for year 2017 ($2,400,000x6%) Dividends for cumulative preference share for year 2018 (93,000x$30x6% Total cumulative preference dividend $144,000 $167.400 $311,400
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