Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 10 | Cash | $ 20,00,000 | |
| Common shares (1000000 x $2) | $ 20,00,000 | ||
| Mar. 1 | Cash | $ 11,00,000 | |
|
Preferred shares (22000 x $50) |
$ 11,00,000 | ||
| May. 1 | Cash | $ 7,50,000 | |
|
Common shares (250000 x $3) |
$ 7,50,000 | ||
| Jun-01 | Common shares ( Cash + Equipment) ( $9000*2) | $ 19,800 | |
| Cash | $ 18,000 | ||
| Contributed Surplus | $ 1, 800 | ||
| Jul. 24 | Cash | $ 1,11,000 | |
| Equipment | $ 35800 | ||
| Common shares ( 36700 * $4) | $ 1,46,800 | ||
| Sep. 4 | Cash | $ 50,000 | |
| Common shares(10000 x $5) | $ 50,000 | ||
| Nov. 1 | Cash | $ 1,90,000 | |
| Preferred shares(3800x $50) | $ 1,90,000 | ||
| Nov. 20 | Common Shares | $36,320 | |
| Contributed Surplus | $2,000 | ||
| Retained Earnings | $25,680 | ||
| Cash | $64,000 | ||
| Dec. 14 | Cash dividends | $ 77,000 | |
| Cash dividends payable | $ 77,000 | ||
| Closing entries: | |||
| Dec. 31 | Retained earnings | $ 72,000 | |
| Cash dividends | $ 72,000 | ||
| Dec. 31 | Income summary | $ 13,20,000 | |
| Retained earnings | $ 13,20,000 | ||
| (To close profit) | |||
| Note: The equipment has been recorded at its fair value since the same is available. | |||
| Preferred Shares | |||
| Mar. 1 | $ 11,00,000 | ||
| Nov. 1 | $ 1,90,000 | ||
| Dec. 31 Bal. | $ 12,90,000 | ||
| Common Shares | |||
| Jun-01 | $19,800 | Jan. 10 | $ 20,00,000 |
| Nov-20 | $36,320 | May. 1 | $ 7,50,000 |
| Jul. 24 | $ 1,46,800 | ||
| Sep. 4 | $ 50,000 | ||
| Dec. 31 Bal. | $ 28,90,680 | ||
| Contributed Surplus | |||
| Nov-20 | $2,000 | Jun-01 | $1,800 |
| Cash Dividends | |||
| Dec. 14 | $ 77,000 | Dec. 31 CE | $ 77,000 |
| Dec. 31 Bal. | $ - | ||
| Retained Earnings | |||
| Dec. 31 | $ 72,000 | Dec. 31 CE | $ 13,20,000 |
| Nov-20 | $25,680 | ||
| Dec. 31 Bal. | $1,222,320 | ||
| REMMERS CORPORATION | |||
| Statement of Financial Position (Partial) | |||
| December 31, 2018 | |||
| Shareholders' Equity | |||
| Share Capital | |||
| Preferred Shares | $ 12,90,000 | ||
| Common Shares | $ 28,90,680 | ||
| Total Share Capital | $ 41,80,680 | ||
| Retained Earnings | $ 12,22,320 | ||
| Total Shareholders' Equity | $ 54,03,000 |
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