US Weygandt, Financial Accounting: IFRS, 3e & Practice Assignment Gradebook ORIO

Question

US Weygandt, Financial Accounting: IFRS, 3e & Practice Assignment Gradebook ORION Dowmloadable eTextbook ssignment CES Exercise 11-11 The equity section of Flint SA at December 31 is as follows. FLINT SA Statement of Financial Position (partial) Equity 441,000 1,785,300 1,824,100 78,100 3,972,300 Share capital-preference, cumulative, 10,400 shares authorized, 7,000 shares issued and outstanding Share capital-ordinary, no par, 752,700 shares authorized, 595,100 shares issued Retained carnings dy Less: Treasury (78,100 shares) Total equity Answer the following questions (a) How many ordinary shares are outstanding? Ordinary shares outstanding (b) Assuming there is a stated value, what is the stated value of the ordinary shares? The stated value of the ordinary shares (c) What is the par value of the preference shares? The par value of the preference shares shares per share per share (d) If the annual dividend on preference shares is 48,510, what is the dividend rate on preference shares? The dividend rate on preference shares c All Rights Reserved. A Division of John Wiley&Sons; Inc

Explanation / Answer

a) ordinary shares outstanding 517000 shares (595,100-78100) b) the stated value of the ordinary shares 3 per share (1,785,300/595,100) c) the par value of the preferred shares 63 pershare (441000/7000) d) the dividend rate on preference shares 11 % (7000*63*x%=48510 11 e) the balance in retained earnings 1678570 (1824100-48510-97020)

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