Question

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?

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Answer #1

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)


answered by: ANURANJAN SARSAM
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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
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