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29 May, 23:20

At the beginning of the year (January 1), Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $7,100. During the year, Buffalo reports net income of $7,400 and pays dividends of $2,100. In addition, Buffalo issues additional common stock for $6,900. Required: Prepare the statement of stockholders' equity at the end of the year (December 31).

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  1. 29 May, 23:41
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    Statement of stockholders' equity

    at the end of the year (December 31)

    Common Stock Retained Earning Total

    Opening Balance $12,000 $7,100 $19,100

    Income for the year $7400 $7400

    Dividend Paid ($2,100) ($2,100)

    Common stock issuance $6,900 $6900

    End of the year Balance $18,900 $12,400 $31300
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Home » Business » At the beginning of the year (January 1), Buffalo Drilling has $12,000 of common stock outstanding and retained earnings of $7,100. During the year, Buffalo reports net income of $7,400 and pays dividends of $2,100.
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