Byrne Corporation Had the Following Accounts at January 1, 2014

question 150

Essay

Byrne Corporation had the following accounts at January 1, 2014:
common shares, unlimited number of shares authorized, 7,000 shares issued, $197,000;
preferred shares, $9.50 cumulative, unlimited number of shares authorized, 2,000 shares issued, $63,500;
retained earnings, $263,000.
During the year, the company paid the preferred dividend and paid a $1.50 dividend to the common shareholders. The company had profit of $333,000.
Instructions
Prepare the shareholders' equity section of the balance sheet at December 31, 2014.

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Definitions:

Concrete Operational

A stage in Piaget's theory of cognitive development where children aged 7-12 years develop logical thinking but still struggle with abstract concepts.

Tertiary Circular Reactions

A cognitive developmental phase in Jean Piaget's theory, occurring around 12 to 18 months of age, during which infants begin to experiment and explore the properties of objects through novel actions.

Primary Circular Reactions

An early developmental phase in infants where they repeat pleasurable actions centered on their own body.