The shareholders' equity section of Time Company's comparative balance sheets for the years endedDecember 31, 2018 and 2017, reported the following data:($ in millions)20182017Common stock, $1 par per share$612$600Paid-in capital-excess of par348300Retained earnings628600During 2018, Time declared and paid cash dividends of $100 million. The company also declared andissued a stock dividend. No other changes occurred in shares outstanding during 2018. What wasTime's net income for 2018?

Time net income for 2016= Closing Balance of retained Earning= 628(+) Cash Dividend Paid = 90(+)…

Answered: ($ in millions) 2018 $ 612 348 %24

Business

Accounting

($ in millions) 2018 $ 612 348 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

The shareholders' equity section of Time Company's comparative balance sheets for the years ended
December 31, 2018 and 2017, reported the following data:
($ in millions)
2018
2017
Common stock, $1 par per share
$
612
$
600
Paid-in capital-excess of par
348
300
Retained earnings
628
600
During 2018, Time declared and paid cash dividends of $100 million. The company also declared and
issued a stock dividend. No other changes occurred in shares outstanding during 2018. What was
Time's net income for 2018?

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