Problem 3-14 (Part Level Submission) Below are the completed financial statement

Question

Problem 3-14 (Part Level Submission)

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 Wildhorse Co. Statement of Financial Position For the Year Ended December 31, 2017 Assets Total Assets

Explanation / Answer

Wildhorse Co Statement of Financial position As at December 31, 2017 Assets Current assets Cash $    16,920 Accounts receivable $    39,480 Prepaid insurance $      1,692 Total current assets $    58,092 Fair value OCI investment $    23,970 Fixed assets Equipment $   92,120 Less: Accumulated depreciation - Equipment $ (26,884) $    65,236 Total assets ($58,092+$23,970+$65,236) $ 147,298 Liabilities and shareholders equity Current liabilities Accounts payable $    29,704 Salaries and wages payable $      6,768 Total current liabilities $    36,472 Shareholders equity Common shares $   75,200 Retained earnings $   56,400 Net income (loss) $ (20,774) Total shareholders equity $ 110,826 Total Liabilities and shareholders equity $ 147,298

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