FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 10-4A (Algo) Analyze the stockholders' equity section (LO10-7)
[The following information applies to the questions displayed below.]
The stockholders' equity section of Ironworks is presented here.
IRONWORKS
Balance Sheet (partial)
($ and shares in thousands)
Stockholders' equity:
Preferred stock, $1 par value
Common stock, $1 par value
Additional paid-in capital
Total paid-in capital
Retained earnings
Treasury stock, 12,000 common shares
Total stockholders' equity
Problem 10-4A (Algo) Part 4
Based on the stockholders' equity section of Ironworks, answer the following questions. Remember that all amounts are
presented in thousands.
Net income
$5,200
22,000
675,200
702,400
280,000
(288,000)
$694,400
4. If retained earnings at the beginning of the period was $242 million and $22 million was paid in dividends during the year, what was
the net income for the year? (Enter your answer in millions (i.e., 5,000,000 should be entered as 5).)
million
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Transcribed Image Text:Required information Problem 10-4A (Algo) Analyze the stockholders' equity section (LO10-7) [The following information applies to the questions displayed below.] The stockholders' equity section of Ironworks is presented here. IRONWORKS Balance Sheet (partial) ($ and shares in thousands) Stockholders' equity: Preferred stock, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock, 12,000 common shares Total stockholders' equity Problem 10-4A (Algo) Part 4 Based on the stockholders' equity section of Ironworks, answer the following questions. Remember that all amounts are presented in thousands. Net income $5,200 22,000 675,200 702,400 280,000 (288,000) $694,400 4. If retained earnings at the beginning of the period was $242 million and $22 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in millions (i.e., 5,000,000 should be entered as 5).) million
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