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What is total shareholders equity

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Q1. Turpin Ltd. reported retained earnings of $725,000 on its March 31, 2019 balance sheet. It reported a profit of $260,000 for the year ended March 31, 2020. Its retained earnings at March 31, 2020 was $865,000. Which of the following amounts represents the dividends declared by Turpin during the year ended March 31, 2020? (assume no other effects on retained earnings during the year)

A) $120,000

B) $400,000

C) $465,000

D) $985,000

Q2. What is total shareholders' equity based on the following account balances?

Common Shares $450,000

$2.25 Preferred Shares 90,000

Retained Earnings 190,000

Dividends Payable 10,000

A) $740,000

B) $730,000

C) $720,000

D) $640,000

Reference no: EM132604248

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