Reference no: EM132535056
Share transactions, dividends, statement of changes in equity
Retained earnings, December 31, 2021=$394,400; 3 total equity=$861,680
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019
Common share, unlimited shares authorised.20800 shares issued and outstanding=$376,000
Retained earnings=224,000
Total equity = $600,000
In 2020, Umi had the following transactions affecting shareholders and equity accounts:
- Jan. 5 the directors declared a $4.0 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.
- Feb 28. Paid the dividend declared on Jan. 5
- July 6. Sold 1,150 common shares at $39.20 per share
- Aug. 22. Sold 1,650 common shares at $28.00 per share.
- Sep 5. The directors declared a $4.00 per share dividend payable on October 28 to the October 5 shareholders of record
- Oct. 28. Paid the dividend declared on September 5
- Dec 31. Closed the $ 348,000 credit balance in the income summary account
- 31 Closed the cash dividend account
Required:
Question 1: Prepare journal entries to record the transactions and closing for 2020
Question 2: Prepare statement of changes in equity for the year
Question 3: Prepare the equity section of the corporation's balance sheet as of December 31, 2020
Question 4: Explain the relationship between assets and retained earnings; use your answer in part 3 above as part of the explanation.
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