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Swifty Limited reported the following for 2023: sales revenue, $920,000; cost of sales, $742,000; operating expenses, $102,000; and unrealized gain on FV-OCI investments, $60,800. The company had January 1, 2023 balances as follows: common shares, $800,000; accumulated other comprehensive income, $330,000; and retained earnings, $920,000. The company did not issue any shares during 2023. On December 15, 2023, the board of directors declared a $290,000 dividend payable on January 31, 2024. Prepare a statement of changes in equity. Ignore income tax.

Swifty Limited reported the following for 2023: sales revenue, $920,000; cost of sales, $742,000; operating expenses, $102,000; and unrealized gain on FV-OCI investments, $60,800. The company had January 1, 2023 balances as follows: common shares, $800,000; accumulated other comprehensive income, $330,000; and retained earnings, $920,000. The company did not issue any shares during 2023. On December 15, 2023, the board of directors declared a $290,000 dividend payable on January 31, 2024. Prepare a statement of changes in equity. Ignore income tax.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Swifty Limited reported the following for 2023: sales revenue, $920,000; cost of sales, $742,000; operating expenses, $102,000; and unrealized gain on FV-OCI investments, $60,800. The company had January 1, 2023 balances as follows: common shares, $800,000; accumulated other comprehensive income, $330,000; and retained earnings, $920,000. The company did not issue any shares during 2023. On December 15, 2023, the board of directors declared a $290,000 dividend payable on January 31, 2024. Prepare a statement of changes in equity. Ignore income tax. ɔme $ $ Swifty Limited Statement of Changes in Shareholders' Equity Common Shares Retained Earnings $ $ Accumulated Other Comprehensive Income Total
Transcribed Image Text:Swifty Limited reported the following for 2023: sales revenue, $920,000; cost of sales, $742,000; operating expenses, $102,000; and unrealized gain on FV-OCI investments, $60,800. The company had January 1, 2023 balances as follows: common shares, $800,000; accumulated other comprehensive income, $330,000; and retained earnings, $920,000. The company did not issue any shares during 2023. On December 15, 2023, the board of directors declared a $290,000 dividend payable on January 31, 2024. Prepare a statement of changes in equity. Ignore income tax. ɔme $ $ Swifty Limited Statement of Changes in Shareholders' Equity Common Shares Retained Earnings $ $ Accumulated Other Comprehensive Income Total
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