Below are the completed financial statement columns of the work sheet for Wildho

ID: 2334242 • Letter: B

Question

Below are the completed financial statement columns of the work sheet for Wildhorse Co..

During 2017, Wildhorse’s shareholders invested $22,560 in exchange for common shares. Accumulated other comprehensive income had a balance of $0 on January 1, 2017.

Wildhorse Co.
Work Sheet
For the Year Ended December 31, 2017 Statement of
Comprehensive Income Statement of
Financial Position Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 16,920 112 Accounts receivable 39,480 130 Prepaid insurance 1,692 140 Fair Value - OCI Investments 23,970 157 Equipment 92,120 167 Accumulated depreciation—equipment 26,884 201 Accounts payable 29,704 212 Salaries and wages payable 6,768 301 Common shares 75,200 306 Retained earnings 56,400 400 Service revenue 133,480 622 Repairs and maintenance expense 12,408 711 Depreciation expense 26,684 722 Insurance expense 18,060 726 Salaries and wages expense 100,204 732 Utilities expense 3,290 801 Unrealized gain or loss-OCI 6,392 Totals 160,646 139,872 174,182 194,956 Net loss and OCI 20,774 20,774 160,646 160,646 194,956 194,956 Prepare a statement of statement of changes in equity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Wildhorse Co. Statement of Changes in Equity

Explanation / Answer

Income Statement :-

Revenue:

Service Revenue

133480

Expenses:

Salaries & Wages Exp

100204

Depreciation Exp

26684

Repair & Maint. Exp

12408

Insurance Exp

18060

Utilities Exp

3290

160646

Net Income(Loss)

(27166)

Statement of changes in Equity :-

Beginning Equity

109040

(+) Additional Investment

22560

131600

(-) Dividend

(-) Net Loss

27166

Ending Equity

104434