Winnipeg Enterprises Inc. reported the following summarized balance sheet at December 31, 2016: Assets Current assets........................................................................................ $18,200

Question:

Winnipeg Enterprises Inc. reported the following summarized at December 31, 2016:
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 2017, 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 on the preferred shares.
24 Paid the cash 9 Declared 10% stock on the common shares. Market price of the common shares was $18 per share.
July 23 Distributed the stock 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, 2017. Net income for 2017 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...