Using the following accounts and May 31, 2015 balances, prepare the Shareholders ' Equity section of the balance sheet for Able Corporation Ltd as at May 31, 2015 There are 70,000 common shares authorized, and 63,000 shares are issued and outstanding 10,000 preferred shares are authorized, and 6,00...

Shareholders Equity Contributed capital 1050 Preferred shares 10 ...

Using the following accounts and May 31, 2015 balances, prepare the Shareholders' Equity section of the balance

Question:

Using the following accounts and May 31, 2015 balances, prepare the Shareholders' Equity section of the for Able Ltd. as at May 31, 2015. There are 70,000 common shares authorized, and 63,000 shares are issued and outstanding; 10,000 preferred shares are authorized, and 6,000 shares are issued and outstanding.
Common shares ................................................ $4,725,000
Retained earnings .............................................. 2,032,800
$10.50 preferred shares ........................................ 600,000
Dividends declared and paid in 2015 ........................ 204,750
Total assets ...................................................... 12,500,000
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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...