Novak Incorporated’s shares are traded on the Toronto Stock Exchange. The company is authorized to issue 1,075,000 common shares and 100,000 $5 cumulative preferred shares. On June 30, 2021, there were 401,000 common shares and 21,500 preferred shares issued with the following balances: Common Shares, $1,203,000; and Preferred Shares, $1,075,000. The statement of retained earnings showed retained earnings of $508,000 and other accumulated comprehensive income of $753,000 at June 30, 2021. The dividend on the preferred shares was two years in arrears
Homework Answers
Statement of financial position
June 30,2021
| Stockholder's equity | |
| Paid in capital | |
| Common Shares | 1203000 |
| Preferred shares | 1075000 |
| Total paid in capital | 2278000 |
| Retained earnings | 508000 |
| Other comprehensive income | 753000 |
| Total Stockholder's equity | 3539000 |
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