Scribd
Upload
421 views1 page

Silver Company Year-End Financials

Silver Company reported $10 million in sales and $7.8 million in total expenses, resulting in net income of $2.2 million. They also started the year with $1 million in retained earnings. After paying out $700,000 in dividends, retained earnings ended at $2.5 million. The company has total shareholders' equity of $8 million, made up of share capital, share premium, retained earnings, and treasury shares.

Uploaded by

Katrina Dela Cruz
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
421 views1 page

Silver Company Year-End Financials

Silver Company reported $10 million in sales and $7.8 million in total expenses, resulting in net income of $2.2 million. They also started the year with $1 million in retained earnings. After paying out $700,000 in dividends, retained earnings ended at $2.5 million. The company has total shareholders' equity of $8 million, made up of share capital, share premium, retained earnings, and treasury shares.

Uploaded by

Katrina Dela Cruz
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
  • Financial Overview for Silver Company

Silver Company provided the following information at year-end:

Share premium 1,000,000.00


Accounts payable 1,100,000.00
Preference share capital, at par 2,000,000.00
Ordinary share capital, at par 3,000,000.00
Sales 10,000,000.00
Total expenses 7,800,000.00
Treasury shares – ordinary 500,000.00
Dividends 700,000.00
Retained earnings – beginning 1,000,000.00

ANSWER:
Sales 10,000,000.00
Total expenses - 7,800,000.00
Net income 2,200,000.00
Retained earnings – beginning 1,000,000.00
Dividends - 700,000.00
Retained earnings – ending 2,500,000.00

Preference share capital, at par 2,000,000.00


Ordinary share capital, at par 3,000,000.00
Share premium 1,000,000.00
Retained earnings 2,500,000.00
Treasury shares - 500,000.00
Total Shareholders' equity 8,000,000.00

Silver Company provided the following information at year-end: Share premium 1,000,000.00

You might also like