ADM 1300 Study Guide - Midterm Guide: 0 (Year), Retained Earnings

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: Devinder Gandhi

Document Summary

Total liabilities + shareholders" equity (share capital + retained earnings) Total assets shareholders" equity (share capital + retained earnings) Brief exercise 1-7 (a) (b) (c) (d) (e) (f) (g) (h) Brief exercise 1-8 (a) (b) (c) (d) (e) (f) (g) (h) Owner(s) pay(s) personal income tax on company profits. Generally easiest form of organization to raise capital: ownership indicated by shares. Usually easiest form of organization to set up. Requires the use of ifrs as its accounting standards. Common shares, end of year ,000 = beginning balance of common shares. Beginning balance of retained earnings plus profit less dividends = ending balance of retained earnings. Beginning balance in shareholders" equity + issue of shares + profit dividends. Total assets total liabilities = shareholders" equity. Beginning balance of common shares + issue of shares = common shares, end of year. [10] common shares, end of year + retained earnings, end of year.