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    Silver Company Provided The Following Information at Year-End

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    Katrina Dela Cruz
    Silver Company reported $10 million in sales and $7.8 million in total expenses, resulting in net income of $2.2 million. They also started the year with $1 million in retained earnings. After paying out $700,000 in dividends, retained earnings ended at $2.5 million. The company has total shareholders' equity of $8 million, made up of share capital, share premium, retained earnings, and treasury shares.

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    Silver Company Provided The Following Information at Year-End

    Uploaded by

    Katrina Dela Cruz
    158 views1 page
    Silver Company reported $10 million in sales and $7.8 million in total expenses, resulting in net income of $2.2 million. They also started the year with $1 million in retained earnings. After paying out $700,000 in dividends, retained earnings ended at $2.5 million. The company has total shareholders' equity of $8 million, made up of share capital, share premium, retained earnings, and treasury shares.

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    Silver Company reported $10 million in sales and $7.8 million in total expenses, resulting in net income of $2.2 million. They also started the year with $1 million in retained earnings. After paying out $700,000 in dividends, retained earnings ended at $2.5 million. The company has total shareholders' equity of $8 million, made up of share capital, share premium, retained earnings, and treasury shares.

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    158 views1 page

    Silver Company Provided The Following Information at Year-End

    Uploaded by

    Katrina Dela Cruz
    Silver Company reported $10 million in sales and $7.8 million in total expenses, resulting in net income of $2.2 million. They also started the year with $1 million in retained earnings. After paying out $700,000 in dividends, retained earnings ended at $2.5 million. The company has total shareholders' equity of $8 million, made up of share capital, share premium, retained earnings, and treasury shares.

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    Silver Company provided the following information at year-end:

    Share premium 1,000,000.00


    Accounts payable 1,100,000.00
    Preference share capital, at par 2,000,000.00
    Ordinary share capital, at par 3,000,000.00
    Sales 10,000,000.00
    Total expenses 7,800,000.00
    Treasury shares – ordinary 500,000.00
    Dividends 700,000.00
    Retained earnings – beginning 1,000,000.00

    ANSWER:
    Sales 10,000,000.00
    Total expenses - 7,800,000.00
    Net income 2,200,000.00
    Retained earnings – beginning 1,000,000.00
    Dividends - 700,000.00
    Retained earnings – ending 2,500,000.00

    Preference share capital, at par 2,000,000.00


    Ordinary share capital, at par 3,000,000.00
    Share premium 1,000,000.00
    Retained earnings 2,500,000.00
    Treasury shares - 500,000.00
    Total Shareholders' equity 8,000,000.00

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