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Questions -
Q1. Turpin Ltd. reported retained earnings of $725,000 on its March 31, 2019 balance sheet. It reported a profit of $260,000 for the year ended March 31, 2020. Its retained earnings at March 31, 2020 was $865,000. Which of the following amounts represents the dividends declared by Turpin during the year ended March 31, 2020? (assume no other effects on retained earnings during the year)
A) $120,000
B) $400,000
C) $465,000
D) $985,000
Q2. What is total shareholders' equity based on the following account balances?
Common Shares $450,000
$2.25 Preferred Shares 90,000
Retained Earnings 190,000
Dividends Payable 10,000
A) $740,000
B) $730,000
C) $720,000
D) $640,000
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Blanchard Company manufactures a single product that sells for $190 per unit. Prepare a forecasted contribution margin income statement
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