Eastern Pacific Corporation lost some of its accounting records in a fire on August 10,2017.The following information has been salvaged from the rubble.
The preferred shares account has a balance of $251,900.The common shares were issued for an average price of $55 per share.There are 30,000 shares of common shares issued.The Retained Earnings account has a balance of $172,000 on August 10,2017.The preferred shares were issued for an average price of $110.
Required:
a.Determine the number of preferred shares issued.
b.What is the balance in the Common Shares account
c.What is total share capital?
d.What is total shareholders' equity?

Question

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The Answer of Eastern Pacific Corporation lost some of its accounting records in a fire on August 10,2017.The following information has been salvaged from the rubble.
The preferred shares account has a balance of $251,900.The common shares were issued for an average price of $55 per share.There are 30,000 shares of common shares issued.The Retained Earnings account has a balance of $172,000 on August 10,2017.The preferred shares were issued for an average price of $110.
Required:
a.Determine the number of preferred shares issued.
b.What is the balance in the Common Shares account
c.What is total share capital?
d.What is total shareholders' equity?

Eastern Pacific Corporation Lost Some of Its Accounting Records in a Fire