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The adjusted trial balance for Wildhorse Paints Ltd. at December 31, 2021, is presented below. Wildhorses income tax rate is 25% and journal entries for
The adjusted trial balance for Wildhorse Paints Ltd. at December 31, 2021, is presented below. Wildhorses income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year.
$64,452 $41,800 28,674 171,690 o 9,300 501,500 212,400 17,700 300,900 8,850 Accounts payable Accounts receivable Accumulated depreciation-equipment Accumulated depreciation-building Accumulated other comprehensive income (loss) January 1, 2021 Advertising expense Building Cash Cash dividends-common Common shares (21,240 issued) Contributed surplus-reacquisition of common shares Cost of goods sold Depreciation expense Dividends payable Equipment Gain on sale of equipment Income tax expense Income tax payable Interest expense Merchandise inventory Office expense Other comprehensive income-holding loss on equity investment (before income tax) Retained earnings-January 1, 2021 Sales 486,160 34,220 1,180 112,100 1,003 5,487 98,483 12,980 6,372 41,353 920,400 $1,538,502 $1,538,502 Prepare a statement of comprehensive income using the all-inclusive format. (Ignore earnings per share.) WILDHORSE PAINTS LTD. Statement of Comprehensive Income $Step by Step Solution
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