Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. shamrock limited is a private company that follows

Shamrock Limited is a private company that follows ASPE. It is authorized to...

60.1K

Verified Solution

Question

Accounting

imageimageimage

Shamrock Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2021, there were 40.000 common and 1.900 preferred shares issued. The common shares had been issued at an average per share amount of $ 10; the preferred shares at $ 105. The balance in the Retained Earnings account on January 1, 2021. was $ 285.500. During 2021, the company had profit of $ 127.000 and declared a total of $ 76,500 of dividends, of which $ 60,000 was paid during the year. (a) Prepare the shareholders' equity section of the balance sheet on December 31, 2021. SHAMROCK LIMITED Balance Sheet (Partial) $ 20 Save for Later Attempts: 0 of 2 used Submit Answer (b) Calculate return on equity for 2021. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year. (Round answer to 2 decimal places, e.g. 52.75%.) Return on equity Save for Later Attempts: 0 of 2 used Submit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

17.    You bring a sample of flies from a natural population into the laboratory and begin selecting...

Basic Math
1.2K views

A fungal colony grows on a flat surface starting with a single spore The shape...

Basic Math
1.2K views

Consider the function f(x) = -x - 3x + 2.Step 1 of 2: Interpret the...

Calculus
1.2K views

For a person learning to type the number N of words per minute that the...

Calculus
1.2K views

Find the integral given below Check your answer by differentiation e 14e 148 e e...

Algebra
1.2K views

Solve the following wong maximigre Subject to LP using m method 2 x 502 3x...

Accounting
1.2K views

Charlie Driver was pleased with the results of 3C Company

Accounting
1.2K views

First question for discussion. Why use special journals? What are some reasons we may use...

Accounting
1.2K views

As the acceptable level of detection risk decreases, an auditor may change the: a....

Accounting
1.2K views

M1Q3 Chandler Packaged Treats (CPT) sells a specialty pet...

Accounting
1.2K views

please help What is the strategy employed by the Union?...

Accounting
1.2K views

Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. ...