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In: Accounting
This information relates to Wildhorse Co. for the year 2022. Retained earnings, January 1, 2022 $96,500...
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Expert Solution
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WILDHORSE CO. Income Statement For the Year Ended December 31, 2022 |
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| Revenues : | ||
| Service Revenue | $ 83,520 | |
| Expenses : | ||
| Salaries and Wages Expense | $ 43,200 | |
| Advertising Expense | $ 2,600 | |
| Rent Expense | $ 15,000 | |
| Utilities Expense | $ 3,450 | |
| Total Expenses | ($ 64,250) | |
| Net Income / (Loss) | $ 19,270 | |
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WILDHORSE CO. Retained Earnings Statement For the Year Ended December 31, 2022 |
||
| Retained earnings, January 1, 2022 | $ 96,500 | |
| Add: Net Income / (Loss) | $ 19,270 | |
| $ 115,770 | ||
| Less: Dividends | ($ 8,640) | |
| Retained Earnings, December 31, 2022 | $ 107,130 |
ekkarill92 answered 1 year agoRelated Solutions
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Wildhorse Co. sold $3,200,000, 9%, 10-year bonds on January 1,
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Prepare the journal entries to record interest expense for 2022
under both of the bond issuances assuming they sold at: (1) 101 and
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The stockholders’ equity accounts of Wildhorse Co. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Wildhorse Co. on January 1,
2022, were as follows.
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$350,000
Common Stock ($10 stated value, 800,000 shares authorized)
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Paid-in Capital in Excess of Par Value—Preferred Stock
50,000
Paid-in Capital in Excess of Stated Value —Common Stock
890,000
Retained Earnings
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During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Mar
1
Issued 6,600...
The stockholders’ equity accounts of Wildhorse Co. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Wildhorse Co. on January 1,
2022, were as follows.
Preferred Stock (9%, $100 par
noncumulative, 5,000 shares authorized)
$350,000
Common Stock ($10 stated value,
800,000 shares authorized)
1,410,000
Paid-in Capital in Excess of Par
Value—Preferred Stock
50,000
Paid-in Capital in Excess of Stated
Value —Common Stock
890,000
Retained Earnings
790,000
Treasury Stock (7,400 common
shares)
59,200
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Mar
1
Issued 6,600...
The following information relates to SFS Co . for the year 2020. SFS, Capital, January 1,...
The following information relates to SFS Co . for the year 2020.
SFS, Capital, January 1, 2020……. $ 48,000
Advertising expense.. $ 1,800
SFS, Drawings, during 2020………… 7,000
Rent expense ………12,000
Service revenue …………………………………67,000 ………
Utilities expense……. 3,100
Salaries expense…………………………………. 30,000
Instructions After analyzing the data, prepare an income
statement and an owner’s equity statement for the year ending
December 31, 2020.
Counting Crows Ltd. provided the following information for the year 2019. Retained earnings, January 1, 2019...
Counting Crows Ltd. provided the following information for the
year 2019.
Retained earnings, January 1, 2019 £ 600,000
Administrative expenses 240,000
Selling expenses 300,000
Sales revenue 1,900,000
Cash dividends declared 80,000
Cost of goods sold 850,000
Gain on sale of investments 62,700
Loss on discontinued operations 75,000
Rent revenue 40,000
Unrealized holding gain on non-trading equity securities
17,000
Income tax applicable to continuing operations 187,000
Income tax benefit applicable to loss on discontinued operations
25,500
Income tax applicable to unrealized...
At January 1, 2022, Wildhorse Co. reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Wildhorse Co. reported the following
property, plant, and equipment accounts: Accumulated
depreciation—buildings $61,350,000 Accumulated
depreciation—equipment 54,700,000 Buildings 97,200,000 Equipment
150,300,000 Land 20,150,000 The company uses straight-line
depreciation for buildings and equipment, its year-end is December
31, and it makes adjusting entries annually. The buildings are
estimated to have a 40-year useful life and no salvage value; the
equipment is estimated to have a 10-year useful life and no salvage
value. During 2022, the following selected transactions...
At January 1, 2022, Wildhorse Co. reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Wildhorse Co. reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$61,350,000
Accumulated depreciation—equipment
54,700,000
Buildings
97,200,000
Equipment
150,300,000
Land
20,150,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
the balance in retained earnings at the end of the year is determined by retained earnings...
the balance in retained earnings at the end of the year is
determined by retained earnings balance at the ''beginning of the
year:
a. plus revenues, minus liabilities
b. plus net income, minus dividends
c. plus assets, minus liabilities
d. plus accounts, minus deferrals
1. These items are taken from the financial statements of Grouper Corporation for 2022. Retained earnings...
1. These items are taken from the financial statements of
Grouper Corporation for 2022.
Retained earnings (beginning of year)
$33,280
Utilities expense
2,110
Equipment
68,280
Accounts payable
22,570
Cash
15,070
Salaries and wages payable
5,840
Common stock
12,000
Dividends
12,000
Service revenue
69,290
Prepaid insurance
6,340
Maintenance and repairs expense
1,690
Depreciation expense
3,490
Accounts receivable
15,970
Insurance expense
2,310
Salaries and wages expense
38,290
Accumulated depreciation—equipment
22,570
Prepare a retained earnings statement for the year ended
December 31, 2022....
Wildhorse Co.’s income statement contained the condensed information below. Wildhorse Co. Income Statement For the Year...
Wildhorse Co.’s income statement contained the condensed
information below. Wildhorse Co. Income Statement For the Year
Ended December 31, 2022 Service revenue $1,358,000 Operating
expenses, excluding depreciation $859,600 Depreciation expense
77,000 Loss on disposal of plant assets 22,400 959,000 Income
before income taxes 399,000 Income tax expense 78,400 Net income
$320,600 Wildhorse Co.’s balance sheets contained the following
comparative data at December 31. 2022 2021 Accounts receivable
$98,000 $84,000 Accounts payable 57,400 44,800 Income taxes payable
18,200 9,800 Accounts payable...
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