At the beginning of the year (January 1), Wild Horses Drilling has $12,000 of common stock outstanding and retained earnings of $6,200. During the year, Wild Horses reports net income of $6,500 and pays dividends of $1,200. In addition, Wild Horses issues additional common stock for $6,000. 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.

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During its first year of operations, Cullumber Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 27,400 shares for cash at $5 per share. July 1 Issued 62,000 shares for cash at $8 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan, 10 $ July 1 Assets Cash eTextbook and Media $ Liabilities + $ Common Stock Paid-in-Capital + PIC in Excess of Par Value Com. $ + $ Revenue Stockholders' Equity $ Expense Retained Earnings $ Dividend Common stock Dividends Interest expense Paid-in-capital in excess of common stock Paid-in-capital in excess of preferred stock Preferred stock

During its first year of operations, Crane Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 25,100 shares for cash at $5 per share. July 1 Issued 50,500 shares for cash at $9 per share. (a) Prepare a tabular summary to record the transactions, assuming that the common stock has a par value of $5 per share. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Jan. 10 July 1 $ Assets Cash $ Liabilities $ Common Stock Paid-in-Capital PIC in Excess Co $

On June 1, Sage Hill Inc. issues 2,500 shares of no-par common stock at a cash price of $7 per share. Prepare a tabular summary to record the issuance of the shares. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) June 1 Assets Cash Liabilities Paid-in-Capital Common Stock Revenue Stockholders' Equity Expense Retained Earnings Dividend

During the month, Blue, Inc. purchased 1,050 shares for $7.00 per share and classified them as trading investments. At the end of the month, the price of the securities was $11.25 per share. What adjusting entry, if any, will Blue, Inc. record when it closes its books at the end of the month to reflect this change in value?ᐧ   a Dr. Valuation Allowance for Trading Investments $11,812.50   Cr.        Unrealized Gain on Trading Investments   $11,812.50 b Dr. Unrealized Loss on Trading Investment $4,462.50   Cr.        Valuation Allowance for Trading Investments   $4,462.50 c Dr. Valuation Allowance for Trading Investments $4,462.50   Cr.        Unrealized Gain on Trading Investments   $4,462.50 Because the trading investments were not sold during the month, no adjusting entry is required. d Dr. Valuation Allowance for Trading Investments $4,462.50   Cr.        Realized Gain on Trading Investments   $4,462.50

Sheridan Corporation has 42,500 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date O O Save for Later Account Titles and Explanation Debit Credit Attempts: 0 of 1 used Submit Answer

Tamarisk, Inc. has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Blue Spruce Corp. has 325,000 shares of $10 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and distribution of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

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