Winnipeg Enterprises Inc. reported the following summarized balance sheet at December 31, 2013: Assets Current assets ....................................................................................

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Winnipeg Enterprises Inc. reported the following summarized balance sheet at December 31, 2013:
Assets
Current assets .................................................................................... $18,200
Property and equipment, net ............................................................... 34,700
Total assets ........................................................................................ $52,900
Liabilities and Equity
Liabilities ........................................................................................... $ 6,200
Shareholders' equity:
$5 cumulative preferred shares, 180 shares issued ............................... 1,800
Common shares, 2,400 shares issued................................................... 25,900
Retained earnings................................................................................. 19,000
Total liabilities and equity.................................................................. $52,900
During 2014, Winnipeg Enterprise completed these transactions that affected shareholders' equity:
Feb. 22 Issued 1,000 common shares for $16 per share.
May 4 Declared the regular cash dividend on the preferred shares.
24 Paid the cash dividend.
July
9 Distributed a 10% stock dividend on the common shares. Market price of the common shares was $18 per share.
Dec. 8 Issued 600 common shares for $15 per share.
Requirements
1. Journalize Winnipeg Enterprise's transactions. Explanations are not required.
2. Report Winnipeg Enterprise's shareholders' equity at December 31, 2014. Net income for 2014 was $62,000.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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