Prepare a statement of financial position using the information below: Wildhorse Shop Ltd....

70.2K

Verified Solution

Question

Accounting

Prepare a statement of financial position using the information below:

imageimageimage

Wildhorse Shop Ltd. is a mid-sized public company that had been in operation for many years. On December 31, 2023, it had an unlimited number of common shares authorized and 5.3 million shares issued at an average value of $27 per share. As well, there were 5.1 million preferred shares authorized, with 255,000 of them issued at $15 per share. The balance in retained earnings was $26,770,000. The balance in accumulated other comprehensive income was $535,000. The preferred shares pay an annual dividend o $2 per share. During 2024 , the following transactions affected shareholders' equity: 1. In total, 240,000 new common shares were issued at $32 per share. 2. The preferred dividend for the year was declared and paid. 3. A 10% common stock dividend was declared when the market price was $33 per share. The shares were distributed one month after the declaration. 4. In early December 2024 , a dividend of $1.40 per share was declared on the common shares. The date of record was December 15,2024 . The dividend was to be paid the following year. 5. The company earned net income of $15,170,000 and had an other comprehensive loss of $160,000. 6. On December 31, 2024, the company declared a two-for-one stock split on common shares. Statement of Changes in Equity For the Year Ended December 31, 2024 Prepare the shareholders' equitv section of the statement of financial position as at the end of 2

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students