Heedy Company had the following account balances in 2016 and 2017, respectively. Assuming dividends of $20,000 were paid in 2017, how much was net income? 2017 2016 Capital Stock $ 42,000 $ 40,000 Retained Earnings x 210,000 Total Stockholders' Equity $ 314,000 $ 250,000

Heedy Company had the following account balances in 2016 and 2017, respectively. Assuming dividends of $20,000 were paid in 2017, how much was net income? 2017 2016 Capital Stock $ 42,000 $ 40,000 Retained Earnings x 210,000 Total Stockholders' Equity $ 314,000 $ 250,000

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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Question

Heedy Company had the following account balances in 2016 and 2017, respectively. Assuming dividends of $20,000 were paid in 2017, how much was net income?

2017 2016
Capital Stock $ 42,000 $ 40,000
Retained Earnings x 210,000
Total Stockholders' Equity $ 314,000 $ 250,000

Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.

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