Scribd Logo
Upload

Welcome to Scribd!

  • Exquisite Jewellery Limited Reported The Following Summarized Balance Sheet at

    Uploaded by

    Muhammad Shahid
    54 views2 pages
    Exquisite Jewellery Limited reported a summarized balance sheet as of December 31, 2016 showing total assets of $85,200 consisting of current assets, property and equipment, and total liabilities and equity also of $85,200 consisting of liabilities and shareholders' equity including preferred shares, common shares, and retained earnings. During 2017, Exquisite completed transactions including issuing common shares, declaring and paying preferred share dividends, declaring and distributing a stock dividend on common shares, and issuing more common shares.

    Original Description:

    Uploading for research purpose

    Original Title

    Exquisite Jewellery Limited Reported the Following Summarized Balance Sheet At

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Exquisite Jewellery Limited reported a summarized balance sheet as of December 31, 2016 showing total assets of $85,200 consisting of current assets, property and equipment, and total liabilities and equity also of $85,200 consisting of liabilities and shareholders' equity including preferred shares, common shares, and retained earnings. During 2017, Exquisite completed transactions including issuing common shares, declaring and paying preferred share dividends, declaring and distributing a stock dividend on common shares, and issuing more common shares.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    54 views2 pages

    Exquisite Jewellery Limited Reported The Following Summarized Balance Sheet at

    Uploaded by

    Muhammad Shahid
    Exquisite Jewellery Limited reported a summarized balance sheet as of December 31, 2016 showing total assets of $85,200 consisting of current assets, property and equipment, and total liabilities and equity also of $85,200 consisting of liabilities and shareholders' equity including preferred shares, common shares, and retained earnings. During 2017, Exquisite completed transactions including issuing common shares, declaring and paying preferred share dividends, declaring and distributing a stock dividend on common shares, and issuing more common shares.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 2

    Exquisite Jewellery Limited reported the following

    summarized balance sheet at #6731


    Exquisite Jewellery Limited reported the following summarized balance sheet at

    Exquisite Jewellery Limited reported the following summarized balance sheet at December 31,
    2016:

    Assets

    Current assets........................................................................................ $33,400

    Property and equipment, net................................................................. 51,800

    Total assets............................................................................................ $85,200

    Liabilities and Equity

    Liabilities.............................................................................................. $37,800

    Shareholders' equity:

    $0.50 cumulative preferred shares, 400 shares issued............................. 2,000

    Common shares, 6,000 shares issued.................................................... 23,400

    Retained earnings................................................................................ 22,000

    Total liabilities and equity................................................................... $85,200

    During 2017, Exquisite completed these transactions that affected shareholders' equity:

    Feb. 13 Issued 5,000 common shares for $4 per share.

    June 7 Declared the regular cash dividend on the preferred shares.

    July 24 Paid the cash dividend.

    Aug. 9 Declared a 10% stock dividend on the common shares. Market price of the common
    shares was $5 per share.

    Aug. 23 Distributed the stock dividend.

    Nov. 20 Issued 200 common shares for $8 per share.


    1/2
    Requirements

    1. Journalize Exquisite's transactions. Explanations are not required.

    2. Report Exquisite Jewellery Limited's shareholders' equity at December 31, 2017. Net income
    for 2017 was $27,000.

    Exquisite Jewellery Limited reported the following summarized balance sheet at

    ANSWER
    http://paperinstant.com/downloads/exquisite-jewellery-limited-reported-the-following-
    summarized-balance-sheet-at/

    2/2
    Powered by TCPDF (www.tcpdf.org)

    You might also like