At the beginning of the year (January 1). Wildfire Drilling has $12,000 of common stock outstanding and retained earnings of $7,400 During the year, Wildfire reports net income of $7700 and pays dividends of $2,400. In addition, Wildfire issues additional common stock for $7,200. 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 $
At the beginning of the year (January 1). Wildfire Drilling has $12,000 of common stock outstanding and retained earnings of $7,400 During the year, Wildfire reports net income of $7700 and pays dividends of $2,400. In addition, Wildfire issues additional common stock for $7,200. 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 1-7 (Algo) Prepare a statement of stockholders' equity (LO1-3)
At the beginning of the year (January 1). Wildfire Drilling has $12,000 of common stock outstanding and retained earnings of $7,400
During the year, Wildfire reports net income of $7,700 and pays dividends of $2,400. In addition, Wildfire issues additional common
stock for $7,200.
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 $
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