Peninsula Supply Corporation reported the following statement of changes in shareholders’ equity for the years ended December 31, 2013 and 2014. Determine the missing amounts.
A) Determine the missing amounts.
B) Refer to the data for Peninsula Supply Corporation presented in BE14–11. (a) Prepare the comprehensive income statement for 2014. (b) Prepare the shareholders’ equity section of the balance sheet on December 31, 2014.
Homework Answers
| 2014 | 2013 | |||
| No.of shares | Amt | No.of shares | Amt | |
| Common shares | ||||
| Balance Jan 1 | 500000 | $600000 | 500000 | 600000 |
| Issued shares | 50000 | 32500 | 0 | |
| Reacquired shares | -25000 | -28750 | 0 | |
| (600000+32500-603750) | ||||
| Bal, Dec 31 | 525000 | 603750 | 500000 | 600000 |
| Contributed surplus | ||||
| Bal Jan 1 | 15000 | 15000 | ||
| Reaquired common shares | 8000 | 0 | ||
| Bal Dec 31 d | 23000 | 15000 | ||
| (15000+8000) | ||||
| Retained Earnings | ||||
| Bal, Jan 1 | 179500 | 190000 | ||
| Profit | 22500 | h) | 19500 | |
| (179500+30000-190000) | ||||
| Common dividend-Cash | -21000 | -30000 | ||
| e) | (170500+22500-181000) | |||
| Bal Dec 31 | 181000 | 179500 | ||
| AOCI | ||||
| Bal, Jan 1 | 51000 | 54000 | ||
| Other comprehemsive Income/(loss F | 17000 | -3000 | ||
| (68000-51000) | ||||
| Bal Dec 31 | 68000 | 51000 | ||
| Shareholder Equity, Dec 31 | 875750 | 845500 | ||
| (603750+181000+23000+68000) | (600000+15000+179500+51000) | |||
| Comprehensive Income Statement | ||||
| December 31 2014 | ||||
| Net Income | 22500 | |||
| Other Comprehensive Income | 17000 | |||
| Comprehenive Income | 39500 | |||
| Shareholder Equity Section | ||||
| December 31 2014 | ||||
| Common stock | 632500 | |||
| Contribution Surplus-Reacquisition of shares | 23000 | |||
| Retained Eranings | 181000 | |||
| Accumulated Other Comprehemsive Income | 68000 | |||
| Treasury stock | -28750 | |||
| Ending Balance of StockholderEquity | 875750 | |||
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Peninsula Supply Corporation reported the following statement of changes in shareholders’ equity for the years ended December 31, 2013 and 2014. Determine the missing amounts.
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