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 $405,000 790,000 32,000 459,000 200,000 60,000 17,500 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. 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).)
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 $405,000 790,000 32,000 459,000 200,000 60,000 17,500 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. 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).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
$405,000
790,000
32,000
459,000
200,000
60,000
17,500
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.
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).)
Transcribed Image Text:Common Shares
Number
Carla Vista Company
Statement of Shareholders' Equity
Common Shares
LA
$
tA
Retained Earnings
$
LA
$
Accumulated Other
Comprehensive Income
17.7
$
Expert Solution
Step 1
Shareholders Equity
Shareholders Equity is represent the Ownership of The Company. Shareholders' equity is the amount that the owners of a company have invested in their business. This includes the money they've directly invested and the accumulation of income the company has earned and that has been reinvested since inception.
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