Byrne Corporation had the following accounts at January 1, 2014:
common shares, unlimited number of shares authorized, 7,000 shares issued, $197,000;
preferred shares, $9.50 cumulative, unlimited number of shares authorized, 2,000 shares issued, $63,500;
retained earnings, $263,000.
During the year, the company paid the preferred dividend and paid a $1.50 dividend to the common shareholders. The company had profit of $333,000.
Instructions
Prepare the shareholders' equity section of the balance sheet at December 31, 2014.

Question

Quizplus · Accepted Answer

The Answer of Byrne Corporation had the following accounts at January 1, 2014:
common shares, unlimited number of shares authorized, 7,000 shares issued, $197,000;
preferred shares, $9.50 cumulative, unlimited number of shares authorized, 2,000 shares issued, $63,500;
retained earnings, $263,000.
During the year, the company paid the preferred dividend and paid a $1.50 dividend to the common shareholders. The company had profit of $333,000.
Instructions
Prepare the shareholders' equity section of the balance sheet at December 31, 2014.

Byrne Corporation Had the Following Accounts at January 1, 2014