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. Beginning Balance Comprehensive Income: Net Income /(Loss) Other Comprehensive Income Dividends Ending Balance $ $ Swifty Limited Statement of Changes in Shareholders' Equity Common Shares $ $ Retained Earnings $ $ Accumulated Other Comprehensive Income
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. Beginning Balance Comprehensive Income: Net Income /(Loss) Other Comprehensive Income Dividends Ending Balance $ $ Swifty Limited Statement of Changes in Shareholders' Equity Common Shares $ $ Retained Earnings $ $ Accumulated Other Comprehensive Income
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9P
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