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mash [69]
3 years ago
8

At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $7,0

00. During the year, Buffalo reports net income of $7,300 and pays dividends of $2,000. In addition, Buffalo issues additional common stock for $6,800.Prepare the statement of Shareholer'sequity in the end of the year.
Business
1 answer:
GarryVolchara [31]3 years ago
3 0

Answer:

Shareholders Equity  

INITIAL Shareholders Equity  $ 17.000

Common Stock  $ 6.800

Retained Earnings  $ 5.300

FINAL Shareholders Equity $ 29.100

Explanation:

Retained Earnings Report  

Opening retained earnings $ 7,000

Add: Net Income $ 7,300

Subtotal $ 14,300

Less: Dividens -$ 2,000

Total $ 12,300

Stockholders' Equity   INITIAL   FINAL  

Common Stock  $ 10,000 $ 16,800    

Retained Earnings  $ 7,000 $ 12,300

TOTAL EQUITY  $ 17,000 $ 29,100

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Neporo4naja [7]

Answer:

1. c. Both a and b

2. a. Yes, because Benjamin has a Social Security number.

Explanation:

According to tax laws, you can claim a child tax credit for an American dependant below the age of 17 which qualifies Harper for it. Evelyn however qualifies for a Credit for other dependents as she is a resident alien and has an Individual Taxpayer Identification Number (ITIN).

Because Benjamin has a Social Security Number, the Hopkins are indeed eligible to claim an earned income credit. Married couples filling jointly can claim the credit if either of them are U.S. citizens with a valid Social Security number.

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3 years ago
Miller Farm Products is issuing a 15-year, unsecured bond. Based on this information, you know that this debt can be described a
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Based on this information Miller Farm Products' debt can be described as a debenture.

<h3>What is Debenture?</h3>
  • A bond or other sort of financial instrument that is secured by collateral is referred to as a debenture.
  • Debentures must rely on the issuer's trustworthiness and reputation for support because they lack a collateral backstop.
  • Debentures are commonly issued by both businesses and governments to raise cash or money.
  • Debentures, like the majority of bonds, may issue periodic interest payments known as coupon payments. Debentures are described in an indenture, much like other kinds of bonds.
  • A binding legal agreement between bond issuers and bondholders is known as an indenture.
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To learn more about Debenture refer to:

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7 0
2 years ago
Which transaction has no effect on owners equity
Alexxx [7]
Is there a set of answers that's suppose to go with this questions? If so, could you put them please? 
5 0
4 years ago
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The group of runners that finished behind Usain Bolt was closely bunched and were said to have competitive parity. Burger King a
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e. They have similar strategic resources and strategies

Explanation:

They have similar strategic resources and strategies because they have competitive parity which means both the firms are performing competitively.

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3 years ago
WoodCore Inc. produces an entire line of office furniture at its manufacturing facility in the United States and then ships its
dsp73

Answer:

The answer is exporting.

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Businesses that sell their goods and services to customers in other countries are exporting them – they are producing them in one country and shipping them to another.

Similarly, in this question, WoodCore Inc produces an entire line of office furniture in its home country and selling it to the companies in Europe, this indicates that WoodCore Inc. is involved in <u>exporting</u>.

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