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Presented below is information which relates to Carla Vista Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2023. Net income Retained earnings, January 1, 2023 Cash dividends declared on common shares Correction of calculation error depreciation understatement in 2019 (pre-tax) Gain on FV-OCI investments (net of tax) $405,000 790,000 32,000 459,000 200,000

Presented below is information which relates to Carla Vista Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2023. Net income Retained earnings, January 1, 2023 Cash dividends declared on common shares Correction of calculation error depreciation understatement in 2019 (pre-tax) Gain on FV-OCI investments (net of tax) $405,000 790,000 32,000 459,000 200,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below is information which relates to Carla Vista Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2023. Net income Retained earnings, January 1, 2023 Cash dividends declared on common shares Correction of calculation error depreciation understatement in 2019 (pre-tax) Gain on FV-OCI investments (net of tax) Proceeds from issuance of Carla Vista common shares Accumulated other comprehensive income, January 1, 2023 Carla Vista Company atement of Shareholders' Equity he Year Ended December 31, 2023 $ $ Common Shares 500000 On January 1, 2023, Carla Vista had 20,000 common shares outstanding with a capital balance of $500,000. During the year, Carla Vista Company issued an additional 2,000 common shares. i Prepare in good form a statement of shareholders equity for the year ended December 31, 2023. Carla Vista's income tax rate is 20%. (Enter amounts that reduce account balances using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).) 500000 i i i 60000 560000 $ $ Retained Earnings 790000 -32000 i $405,000 790,000 $ 32,000 $ 459,000 200,000 60,000 17,500 Accumulated Other Comprehensive Income 17500 i 17500 i i 200000 i 217500 $ $ Total 1307500 -32000 200000 60000
Transcribed Image Text:Presented below is information which relates to Carla Vista Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2023. Net income Retained earnings, January 1, 2023 Cash dividends declared on common shares Correction of calculation error depreciation understatement in 2019 (pre-tax) Gain on FV-OCI investments (net of tax) Proceeds from issuance of Carla Vista common shares Accumulated other comprehensive income, January 1, 2023 Carla Vista Company atement of Shareholders' Equity he Year Ended December 31, 2023 $ $ Common Shares 500000 On January 1, 2023, Carla Vista had 20,000 common shares outstanding with a capital balance of $500,000. During the year, Carla Vista Company issued an additional 2,000 common shares. i Prepare in good form a statement of shareholders equity for the year ended December 31, 2023. Carla Vista's income tax rate is 20%. (Enter amounts that reduce account balances using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).) 500000 i i i 60000 560000 $ $ Retained Earnings 790000 -32000 i $405,000 790,000 $ 32,000 $ 459,000 200,000 60,000 17,500 Accumulated Other Comprehensive Income 17500 i 17500 i i 200000 i 217500 $ $ Total 1307500 -32000 200000 60000
Presented below is information which relates to Carla Vista Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2023. Net income Retained earnings, January 1, 2023 Cash dividends declared on common shares Correction of calculation error depreciation understatement in 2019 (pre-tax) Gain on FV-OCI investments (net of tax) Proceeds from issuance of Carla Vista common shares Accumulated other comprehensive income, January 1, 2023 Beginning Balance Beginning Balance as Adjusted Dividends Declared Other Comprehensive Income $405,000 Issuance of Shares 790,000 On January 1, 2023, Carla Vista had 20,000 common shares outstanding with a capital balance of $500,000. During the year, Carla Vista Company issued an additional 2,000 common shares. Ending Balance 32,000 Prepare in good form a statement of shareholders equity for the year ended December 31, 2023. Carla Vista's income tax rate is 20%. (Enter amounts that reduce account balances using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).) 459,000 200,000 60,000 17,500 Common Shares Number 20000 20000 i i 2000 22000 Carla Vista Company Statement of Shareholders' Equ For the Year Ended December 31, 2023 $ tA $ Common Shares 500000 500000 i i 60000 560000
Transcribed Image Text:Presented below is information which relates to Carla Vista Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2023. Net income Retained earnings, January 1, 2023 Cash dividends declared on common shares Correction of calculation error depreciation understatement in 2019 (pre-tax) Gain on FV-OCI investments (net of tax) Proceeds from issuance of Carla Vista common shares Accumulated other comprehensive income, January 1, 2023 Beginning Balance Beginning Balance as Adjusted Dividends Declared Other Comprehensive Income $405,000 Issuance of Shares 790,000 On January 1, 2023, Carla Vista had 20,000 common shares outstanding with a capital balance of $500,000. During the year, Carla Vista Company issued an additional 2,000 common shares. Ending Balance 32,000 Prepare in good form a statement of shareholders equity for the year ended December 31, 2023. Carla Vista's income tax rate is 20%. (Enter amounts that reduce account balances using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).) 459,000 200,000 60,000 17,500 Common Shares Number 20000 20000 i i 2000 22000 Carla Vista Company Statement of Shareholders' Equ For the Year Ended December 31, 2023 $ tA $ Common Shares 500000 500000 i i 60000 560000
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