Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and
outstanding $ 175,000 Paid-in capital in excess of par value, common stock 135,000 Retained earnings 340,000 Total
stockholders' equity $ 650,000 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares
authorized, 41,200 shares issued, 4,000 shares in treasury $ 206,000 Paid-in capital in excess of par value, common
stock 178, 400 Retained earnings ($30,000 restricted by treasury stock) 420,000 804, 400 Less cost of treasury stock
(30,000) Total stockholders' equity $ 774,400 The following transactions and events affected its equity during the year.
January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for
cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $0.50 per share cash
dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per
share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $0.50 per share cash
dividend, date of record October 10. How much net income did the company earn this year?
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Transcribed Image Text:The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 175,000 Paid-in capital in excess of par value, common stock 135,000 Retained earnings 340,000 Total stockholders' equity $ 650,000 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury $ 206,000 Paid-in capital in excess of par value, common stock 178, 400 Retained earnings ($30,000 restricted by treasury stock) 420,000 804, 400 Less cost of treasury stock (30,000) Total stockholders' equity $ 774,400 The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10. July 5 Declared a $0.50 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record October 10. How much net income did the company earn this year?
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