At the beginning of the year (January 1). Wildfire Drilling has $10,000 of common stock outstanding and retained earnings of $7,000 During the year, Wildfire reports net income of $7,300 and pays dividends of $2,000 In addition, Wildfire issues additional common stock for $6,800. 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. WILDFIRE DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders
At the beginning of the year (January 1). Wildfire Drilling has $10,000 of common stock outstanding and retained earnings of $7,000 During the year, Wildfire reports net income of $7,300 and pays dividends of $2,000 In addition, Wildfire issues additional common stock for $6,800. 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. WILDFIRE DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock Retained Earnings Total Stockholders
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the beginning of the year (January 1), Wildfire Drilling has $10,000 of common stock outstanding and retained earnings of $7,000
During the year, Wildfire reports net income of $7,300 and pays dividends of $2,000. In addition, Wildfire issues additional common
stock for $6,800.
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.
Beginning balance
Issuance of common stock
Add Net income
Less Dividends
Ending balance
WILDFIRE DRILLING
Statement of Stockholders' Equity
For the Year Ended December 31
Common Retained
Stock Earnings
$
0 $
Total
Stockholders
Equity
05
0
4
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