FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Metlock 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, 2024, there
were 30, 100 common and 860 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, 2024, was $246, 820. During 2024, the
company had profit of $107, 500 and declared a total of $64, 500 of dividends, of which $
48,375 was paid during the year. Prepare the shareholders' equity section of the balance
sheet on December 31, 2024. calculate the return on eqiuty.
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Transcribed Image Text:Metlock 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, 2024, there were 30, 100 common and 860 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, 2024, was $246, 820. During 2024, the company had profit of $107, 500 and declared a total of $64, 500 of dividends, of which $ 48,375 was paid during the year. Prepare the shareholders' equity section of the balance sheet on December 31, 2024. calculate the return on eqiuty.
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