Solution-Determine the amounts of any cash receipts or

Determine the amounts of any cash receipts or payments

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Reference no: EM132748836

Question - The following selected account balances relate to the shareholders' equity accounts of Pharoah Corp. at year end:

	2021	2020
Preferred shares, 3,450 shares in 2021; 2,660 in 2020	$345,000	$266,000
Common shares, 52,200 shares in 2021; 42,500 in 2020	522,000	425,000
Retained earnings	540,000	385,000
Cash dividends declared (preferred shares)	16,000	13,300
Dividends payable	4,088	3,447

Additional information regarding 2021: During the year, 790 preferred shares were issued. No preferred shares were repurchased.

During the year, 20,000 common shares were issued after 10,300 common shares were repurchased at $10 per share.

Required - Determine the amounts of any cash receipts or payments related to the shareholders' equity accounts in 2021.

Reference no: EM132748836

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Determine the amounts of any cash receipts or payments

Reference no: EM132748836

Reference no: EM132748836

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