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mmon stock, 9,580 and 9,080 shares, espectively, for 2027 and 2026 eferred stock, 4,710 shares tained earnings equit 2027 2026 $155,430 $134,630 113,040 113,040 318,850 243,200 p. at year nall stock dividend was declared and issued in 2027. The market price of the shares was $9,510. Cash dividends were $19,880 in 2027 and 2026. The common stock has no par or stated value. Your answer is correct. What was the amount of net income reported by Pharoah Corp. in 2027? Net income $ eTextbook and Media 105040 Attempts: unlimited

mmon stock, 9,580 and 9,080 shares, espectively, for 2027 and 2026 eferred stock, 4,710 shares tained earnings equit 2027 2026 $155,430 $134,630 113,040 113,040 318,850 243,200 p. at year nall stock dividend was declared and issued in 2027. The market price of the shares was $9,510. Cash dividends were $19,880 in 2027 and 2026. The common stock has no par or stated value. Your answer is correct. What was the amount of net income reported by Pharoah Corp. in 2027? Net income $ eTextbook and Media 105040 Attempts: unlimited

FINANCIAL ACCOUNTING
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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The following account balances relate to the stockholders' equity accounts of Pharoah Corp. at year-end. Common stock, 9,580 and 9,080 shares, respectively, for 2027 and 2026 Preferred stock, 4,710 shares Retained earnings 2027 2026 $155,430 $134,630 113,040 113,040 318,850 243,200 A small stock dividend was declared and issued in 2027. The market price of the shares was $9,510. Cash dividends were $19,880 in both 2027 and 2026. The common stock has no par or stated value. (a) Your answer is correct. What was the amount of net income reported by Pharoah Corp. in 2027? (b) Net income $ eTextbook and Media 105040 Attempts: unlimited Your answer is partially correct. Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2027. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parentheses e.g. (15,000).) Cash flow related to common stock account Cash flow related to dividend account 0 $ -19880
Transcribed Image Text:The following account balances relate to the stockholders' equity accounts of Pharoah Corp. at year-end. Common stock, 9,580 and 9,080 shares, respectively, for 2027 and 2026 Preferred stock, 4,710 shares Retained earnings 2027 2026 $155,430 $134,630 113,040 113,040 318,850 243,200 A small stock dividend was declared and issued in 2027. The market price of the shares was $9,510. Cash dividends were $19,880 in both 2027 and 2026. The common stock has no par or stated value. (a) Your answer is correct. What was the amount of net income reported by Pharoah Corp. in 2027? (b) Net income $ eTextbook and Media 105040 Attempts: unlimited Your answer is partially correct. Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2027. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parentheses e.g. (15,000).) Cash flow related to common stock account Cash flow related to dividend account 0 $ -19880
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