At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $6,500. During the year, Wild Horses reports net income of $6,800 and pays dividends of $1,500. In addition, Wild Horses issues additional common stock for $6,300. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Beginning balance Issuance of common stock Add: Net income Less: Dividends Ending balance X Answer is complete but not entirely correct. WILD HORSES DRILLING Statement of Stockholders' Equity For the Year Ended December 31 > Common Stock Retained Earnings $ 12,000 6,300 12,000 6,300 X $ 24,000 $ $ 6,500 6,800 1,500 11,800 Total Stockholders' Equity $ $ 18,300 X 11,800 X 18,300 X 11,800 X 36,600 PO At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $6,500. During the year, Wild Horses reports net income of $6,800 and pays dividends of $1,500. In addition, Wild Horses issues additional common stock for $6,300. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Beginning balance Issuance of common stock Add: Net income Less: Dividends Ending balance X Answer is complete but not entirely correct. WILD HORSES DRILLING Statement of Stockholders' Equity For the Year Ended December 31 > Common Stock Retained Earnings $ 12,000 6,300 12,000 6,300 X $ 24,000 $ $ 6,500 6,800 1,500 11,800 Total Stockholders' Equity $ $ 18,300 X 11,800 X 18,300 X 11,800 X 36,600 PO
Expert Answer:
Answer rating: 100% (QA)
To prepare a statement of stockholders equity you need to update each component of equity based on t... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
A cash flow is payable continuously at a rate of p, per annum at time t provided a life who is aged x at time 0 is still alive. I is a random variable T which measures the complete future lifetime in...
-
Consider a situation with two countries that have abatement cost functions : for j=L and j=H. The countries have identical damage functions D(E)= d.E.For each country the parameters s j are drawn...
-
1. Carbon dating is useful only for determining the age of objects less than about _____ years old. (a) 4.5 million. (b) 1.2 million. (c) 600,000. (d) 60,000. (e) 6000. 2. Radon has a half-life of...
-
For the following exercises, plot the points. (3, 5/6)
-
Heritage, a general contractor, had filed a breach of contract action against an electrical subcontracting firm that had withdrawn its bid right before the contract was to be performed. A jury had...
-
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. Instructions (a) Prepare a bank reconciliation going from...
-
In Figure 32.14, the battery has an emf of 12.0 V, the inductance is L, and the capacitance C is 9.0 pF. The switch has been set to position a for a long time so that the capacitor is charged. The...
-
In this question, you are going to implement an artificial intelligence (AI) vs. human version of Notakto. The AI will be the Player 1, i.e., the AI will always start. Here the AI means that the move...
-
Community tourism development. 1.)Why do communities hold special events and festivals? Name one example. 2.)What type of festival or event can you name and describe that has taken place in your...
-
Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $73,000 to invest. What annual rate of interest must you earn on your...
-
Capital Structure Debt 40% Interest rate 5% Tax Rate 26% Equity 60% Risk Free rate 6% RM 13% Beta 1% Working capital 10% next year's sales No terminal cash flows Project 1 Capital investment...
-
As of January 2020, the average pay for a Level 1 Registered Nurse (RN) is $63,190 annually. Leo is a registered nurse (RN) with gross earnings of $2,334.04 semimonthly. If the hospital where Leo...
-
Explore the relevance of the text to you and others: personal connection, other texts, other people What is the effect of this image on you as the viewer, and/or how might it affect other viewers?...
-
Michel Momo" is a new startup by fresh graduates from Queens college who home deliver Momo across New York. They make dim sums using locally produced flour, yeast, chicken and all the other fresh...
-
Solve the relation Exz:Solve therelation ne %3D
-
Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,000; Buildings,...
-
Computer Wholesalers restores and resells notebook computers on eBay. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it...
-
Match (by letter) the correct reporting method for each of the items listed below. Reporting Method _______________________________________________________ C= Current liability L= Long-term liability...
-
Let \(X_{1}, \ldots, X_{n}\) be a set of independent and identically distributed random variables from a distribution \(F\) that has parameter \(\theta\). Let \(\hat{\theta}_{n}\) be an unbiased...
-
Consider a sequence of random variables \(\left\{X_{n}ight\}_{n=1}^{\infty}\) where \(X_{n}\) has probability distribution function \[f_{n}(x)= \begin{cases}{[\log (n+1)]^{-1}} & x=n \\ 1-[\log...
-
Consider an arbitrary probability measure space \((\Omega, \mathcal{F}, P)\) and let \(X_{r}\) be the collection of all possible random variables \(X\) that map \(\Omega\) to \(\mathbb{R}\) subject...
Study smarter with the SolutionInn App