The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: 2021 2020 Contributed capital: Common shares, 50,000 shares authorized; 26,520 and 25,300 shares issued and outstandin
The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows:
| 2021 | 2020 | |||||
| Contributed capital: | ||||||
| Common shares, 50,000 shares authorized; 26,520 and 25,300 shares issued and outstanding, respectively | $ | 583,440 | $ | 506,000 | ||
| Retained earnings | 577,000 | 465,000 | ||||
The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westburne):
| Jan. | 5 | A $1.30 per share cash dividend was declared, and the date of record was five days later. | |||
| Mar. | 20 | 3,200 common shares were repurchased and retired at $20.00 per share. | |||
| Apr. | 5 | A $1.30 per share cash dividend was declared, and the date of record was five days later. | |||
| July | 5 | A $1.30 per share cash dividend was declared, and the date of record was five days later. | |||
| July | 31 | A 20% share dividend was declared when the market value was $32.00 per share. | |||
| Aug. | 14 | The share dividend was issued. | |||
| Oct. | 5 | A $1.30 per share cash dividend was declared, and the date of record was five days later. |
Required:
1. How many shares were outstanding on each of the cash dividend dates?
Homework Answers
Answer:
Profit/ (loss) for Fab-form Industries inc. is calculated as: Change in retained earnings + Dividends paid.
Dividends paid is number of shares * dividend per share
= 96,800 *0.15* 3 quarters + 116800 shares *0.15 = 61080
Loss is = 467600-566608+61080 =(37,928)
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