please help with wrong answers At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stockoutstanding and retained earnings of $6,200. During the year, Wild Horses reports net ince$6,500 and pays dividends of $1,200. In addition, Wild Horses issues additional common sfor $6,000.Required:Prepare the statement of stockholders' equity at the end of the year (December 31).Note: Negative amounts should be indicated by a minus sign.Answer is complete but not entirely correct.WILD HORSES DRILLINGStatement of Stockholders' EquityFor the Year Ended December 31Beginning balanceIssuance of common stockAdd: Net incomeLess: DividendsEnding balanceTotalCommonStockRetainedEarningsStockholders'Equity$ 12,000 $ 6,200$11,5006,00018,0006,5006,500(1,200)(1,200)$18,000$11,500 $34,800

Step 1:The statement of stockholders' equity is prepared as follows: Formula table: Result of the…

Answered: At the beginning of the year (January…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20EA: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600...

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Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the year. What is the numerator of the EPS calculation for Longmont?
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the EPS for the year for Bastion?
At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $6,200. During the year, Wild Horses reports net income of $6,500 and pays dividends of $1,200. In addition, Wild Horses issues additional common stock for $6,000. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Note: Negative amounts should be indicated by a minus sign.
At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $6,800. During the year, Wild Horses reports net income of $7,100 and pays dividends of $1,800. In addition, Wild Horses issues additional common stock for $6,600. 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 WILD HORSES DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity $ 0 $ 0 $ 0 C
At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $7,100. During the year, Wild Horses reports net income of $7,400 and pays dividends of $2,100. In addition, Wild Horses issues additional common stock for $6,900. Required: Prepare the statement of stockholders' equity at the end of the year (December 31).
At the beginning of the year (January 1), Buffalo Drilling has $11,000 of common stock outstanding and retained earnings of $8,200. During the year, Buffalo reports net income of $8,500 and pays dividends of $3,200. In addition, Buffalo issues additional common stock for $8,000.Required:Prepare the statement of stockholders’ equity at the end of the year (December 31).
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
During its first year of operations, Oriole Corporation had these transactions pertaining to its common stock. Issued 26,500 shares for cash at $5 per share. 1 Issued 57,500 shares for cash at $7 per share. Jan. 10 July (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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During its first year of operations, Crane Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 25,100 shares for cash at $5 per share. July 1 Issued 50,500 shares for cash at $9 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 July 1 $ Assets Cash $ Liabilities $ Common Stock Paid-in-Capital PIC in Excess Co $
During its first year of operations, Cullumber Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 27,400 shares for cash at $5 per share. July 1 Issued 62,000 shares for cash at $8 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan, 10 $ July 1 Assets Cash eTextbook and Media $ Liabilities + $ Common Stock Paid-in-Capital + PIC in Excess of Par Value Com. $ + $ Revenue Stockholders' Equity $ Expense Retained Earnings $ Dividend Common stock Dividends Interest expense Paid-in-capital in excess of common stock Paid-in-capital in excess of preferred stock Preferred stock

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