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Bonita Corporation has the following shareholders equity on July 31, 2020:
Shareholders' equity Share capital $10 preferred shares, cumulative 10,000 shares authorized, 4600 shares issued $1970000
Common shares, 600,000 shares authorized, 10900 shares issued 294000
Total share capital 2264000
Retained earnings 498000
Total shareholders' equity $2762000
Problem 1: Assume that on June 15, 2021, Bonita paid the preferred dividend for the current year (there were no dividends in arrears) and paid a dividend of $2 to each common shareholder. The company earned $50000 in profit during 2021. The July 31, 2021 financial statements will show an ending balance in retained earnings of
Option 1: $548000.
Option 2: $498000.
Option 3: $480200.
Option 4: $426200.
Financial Statement Analysis and Preparation
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