Wildhorse Ltd., which follows ASPE, had the following comparative statement of financial position: Wildhorse Ltd. Comparative Statement
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Wildhorse Ltd. Comparative Statement of Financial Position As at December 31 | |||||||||
Assets | 2018 | 2017 | |||||||
Cash | $ | 101,680 | $ | 62,000 | |||||
Accounts receivable | 168,640 | 126,480 | |||||||
Inventories | 99,200 | 148,800 | |||||||
Prepaid insurance | 12,400 | 9,920 | |||||||
Equipment | 381,920 | 322,400 | |||||||
Accumulated depreciation-equipment | (86,800 | ) | (62,000 | ) | |||||
Patents | 99,200 | 124,000 | |||||||
Total assets | $ | 776,240 | $ | 731,600 | |||||
Liabilities and Shareholders’ Equity | |||||||||
Accounts payable | $ | 114,080 | $ | 99,200 | |||||
Interest payable | 9,920 | 14,880 | |||||||
Wages payable | 19,840 | 9,920 | |||||||
Income taxes payable | 19,840 | 24,800 | |||||||
Long-term note payable | 148,800 | 171,120 | |||||||
Common shares | 322,400 | 322,400 | |||||||
Retained earnings | 141,360 | 89,280 | |||||||
Total liabilities and shareholders’ equity | $ | 776,240 | $ | 731,600 |
1. | Net income for the fiscal year was $66,960. | |
2. | Equipment that cost $49,600 and was 70% depreciated was sold during 2018, for a gain of $4,960. | |
3. | No patents were purchased or sold during the fiscal year. |
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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