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

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
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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
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 $6,800. 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
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