At the beginning of the year (January 1). Wildfire Drilling has $10,000 of common stock outstanding and retained earnings of $6,700. During the year, Wildfire reports net income of $7,000 and pays dividends of $1,700. In addition, Wildfire issues additional common stock for $6,500. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Beginning balance Ending balance WILDFIRE DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock $ Retained Earnings 0 $ Total Stockholders' Equity 0 $ 0

At the beginning of the year (January 1). Wildfire Drilling has $10,000 of common stock outstanding and retained earnings of $6,700. During the year, Wildfire reports net income of $7,000 and pays dividends of $1,700. In addition, Wildfire issues additional common stock for $6,500. Required: Prepare the statement of stockholders' equity at the end of the year (December 31). Beginning balance Ending balance WILDFIRE DRILLING Statement of Stockholders' Equity For the Year Ended December 31 Common Stock $ Retained Earnings 0 $ Total Stockholders' Equity 0 $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: accounting
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