Solution-Create a statement of comprehensive income

Create a statement of comprehensive income

Reference no: EM133176565

Question - The adjusted trial balance for Wildhorse Paints Ltd. at December 31, 2021, is presented below. Wildhorse's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year.

WILDHORSE PAINTS LTD. Adjusted Trial Balance December 31, 2021
	Debit	Credit
Accounts payable		$51,343
Accounts receivable	$33,300
Accumulated depreciation-equipment		22,842
Accumulated depreciation-building		136,770
Accumulated other comprehensive income (loss)-January 1, 2021	0
Advertising expense	7,400
Building	399,500
Cash	169,200
Cash dividends-common	14,100
Common shares (16,920 issued)		239,700
Contributed surplus-reacquisition of common shares		7,050
Cost of goods sold	387,280
Depreciation expense	27,260
Dividends payable		940
Equipment	89,300
Gain on sale of equipment		799
Income tax expense	0
Income tax payable		0
Interest expense	4,371
Merchandise inventory	78,452
Office expense	10,340
Other comprehensive income-holding loss on equity investment (before income tax)	5,076
Retained earnings-January 1, 2021		32,935
Sales		733,200
	$1,225,579	$1,225,579

Required -

Create a statement of comprehensive income using the all-inclusive format. (Ignore earnings per share.)

Need a statement of changes in shareholders' equity.

Create the shareholders' equity section of the balance sheet at December 31, 2021.

Reference no: EM133176565

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Create a statement of comprehensive income

Reference no: EM133176565

Reference no: EM133176565

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