Prepare the shareholders equity section of the balance, Ask an Expert

Accounting

The following accounts appear in the ledger of Niagra Inc. after the books are closed at December 31, 2008.
Common shares, no par value, 500,000 shares authorized, 400,000 shares
issued $400,000
Common stock dividends distributable 80,000
$8 Preferred shares, no par value, 10,000 shares authorized, 3,000 shares
issued 300,000
Retained earnings 950,000

Instructions

Prepare the shareholders' equity section of the balance sheet at December 31, 2008, assuming that retained earnings is restricted for plant expansion in the amount of $200,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9449996

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