Current Attempt in Progress Some of the account balances of Wildhorse Limited at December 31, 2022, are as follows: $7 Preferred shares (1,600 shares authorized, 1,600 shares issued and outstanding) Common shares (unlimited authorized, 50,000 shares issued and outstanding) Contributed surplus Retained earnings Accumulated other comprehensive income The price of the company's common shares has been increasing steadily on the market; it was $19 on January 1, 2023, and advanced to $22 by July 1 and to $25 at the end of 2023. The preferred shares are not openly traded but were appraised at $118 per share during 2023. Wildhorse follows IFRS and had net income of $154,000 during 2023. For the purpose of this question, ignore any dividend entitlement to the preferred shareholders. Shareholders' Equitv Prepare the shareholders' equity section of Wildhorse's SFP at December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275. Do not round intermediate calculations.) Preferred Shares Common Shares Total Share Capital Contributed Surplus Total Paid-in Capital Retained Earnings Accumulated OCI $540,000 440,000 97,000 WILDHORSE LIMITED Shareholders' Equity December 31, 2023 Total Shareholders' Equity 540,000 COOLE 440,000 $980,000 751,000 21,375 135.000 $1,115,000. 905,000 21,375 2,041,375
Current Attempt in Progress Some of the account balances of Wildhorse Limited at December 31, 2022, are as follows: $7 Preferred shares (1,600 shares authorized, 1,600 shares issued and outstanding) Common shares (unlimited authorized, 50,000 shares issued and outstanding) Contributed surplus Retained earnings Accumulated other comprehensive income The price of the company's common shares has been increasing steadily on the market; it was $19 on January 1, 2023, and advanced to $22 by July 1 and to $25 at the end of 2023. The preferred shares are not openly traded but were appraised at $118 per share during 2023. Wildhorse follows IFRS and had net income of $154,000 during 2023. For the purpose of this question, ignore any dividend entitlement to the preferred shareholders. Shareholders' Equitv Prepare the shareholders' equity section of Wildhorse's SFP at December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275. Do not round intermediate calculations.) Preferred Shares Common Shares Total Share Capital Contributed Surplus Total Paid-in Capital Retained Earnings Accumulated OCI $540,000 440,000 97,000 WILDHORSE LIMITED Shareholders' Equity December 31, 2023 Total Shareholders' Equity 540,000 COOLE 440,000 $980,000 751,000 21,375 135.000 $1,115,000. 905,000 21,375 2,041,375
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Some of the account balances of Wildhorse Limited at December 31, 2022, are as follows:
$7 Preferred shares (1,600 shares authorized, 1,600 shares issued and outstanding)
Common shares (unlimited authorized, 50,000 shares issued and outstanding)
Contributed surplus
Retained earnings
Accumulated other comprehensive income
Shareholders' Equitv
Preferred Shares
The price of the company's common shares has been increasing steadily on the market; it was $19 on January 1, 2023, and advanced
to $22 by July 1 and to $25 at the end of 2023. The preferred shares are not openly traded but were appraised at $118 per share
during 2023. Wildhorse follows IFRS and had net income of $154,000 during 2023. For the purpose of this question, ignore any
dividend entitlement to the preferred shareholders.
Common Shares
Prepare the shareholders' equity section of Wildhorse's SFP at December 31, 2023. (Round answers to O decimal places, e.g. 5,275.
Do not round intermediate calculations.)
Total Share Capital
Contributed Surplus
Total Paid-in Capital
Retained Earnings
Accumulated OCI
WILDHORSE LIMITED
Shareholders' Equity
December 31, 2023
Total Shareholders' Equity
$540,000
440,000
$
540,000
440,000
$980,000
135,000
$1,115,000.
905,000
97,000
751,000
21,375
2,041,375
21,375
In
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