Required information i [The following information applies to the questions displayed below] 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-$4 par value, 100,000 shares authorized, 40,000 shares Issued and outstanding Pald-in capital in excess of par value, common stock Retained earnings. Total stockholders' equity Stockholders Equity (December 31) Common stock-14 par value, 100,000 shares authorized, 47,200 shares Issued, 4,000 shares In treasury Pald-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a 50.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash, Declared a $0.50 per share cash dividend, date of record April 10, Declared a 30.50 per share cach dividend, date of record July 10. Declared 20% stock dividend when the stock's market value was $14 per share. Issued the stock dividend that was declared on July 31. Declared a $0.50 per share cash dividend, date of record october 10. Apr115 July 5 July 31 August 14 October 5 5. How much net income did the company earn this year? Not income $ 160,000 120,000 120,000 $ 600,000. $ 100,000 192,000 420,000 800,000 (50,000) $750,000
Required information i [The following information applies to the questions displayed below] 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-$4 par value, 100,000 shares authorized, 40,000 shares Issued and outstanding Pald-in capital in excess of par value, common stock Retained earnings. Total stockholders' equity Stockholders Equity (December 31) Common stock-14 par value, 100,000 shares authorized, 47,200 shares Issued, 4,000 shares In treasury Pald-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a 50.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash, Declared a $0.50 per share cash dividend, date of record April 10, Declared a 30.50 per share cach dividend, date of record July 10. Declared 20% stock dividend when the stock's market value was $14 per share. Issued the stock dividend that was declared on July 31. Declared a $0.50 per share cash dividend, date of record october 10. Apr115 July 5 July 31 August 14 October 5 5. How much net income did the company earn this year? Not income $ 160,000 120,000 120,000 $ 600,000. $ 100,000 192,000 420,000 800,000 (50,000) $750,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below]
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-$4 par value, 100,000 shares authorized, 40,000 shares Issued and
outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
Stockholders Equity (December 31)
Common stock-14 par value, 100,000 shares authorized, 47,200 shares Issued, 4,000 shares in
treasury
Pald-in capital in excess of par value, common stock
Retained earnings ($50,000 restricted by treasury stock)
Less cost of treasury stock
Total stockholders' equity
The following transactions and events affected its equity during the year
January 5 Declared a 50.50 per share cash dividend, date of record January 10.
March 20
Purchased treasury stock for cash,
Apr115
July 5
July 31
August 14
October 5
Declared a $0.50 per share cash dividend, date of record April 10.
Declared a 30.50 per share cash dividend, date of record July 10.
Declared a 20% stock dividend when the stock's market value was $14 per share.
Issued the stock dividend that was declared on July 31.1
Declared a $0.50 per share cash dividend, date of record october 10.
5. How much net income did the company earn this year?
Net income
$ 160,000
120,000
320,000
$600,000
$ 100,000
192,000
420,000
000,000
(50,000)
$750,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3dd320d-6055-44f2-9e3c-46fd27e36197%2F7ae03060-62bc-45b6-9338-fcad85184b60%2F2k7yd3q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
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-$4 par value, 100,000 shares authorized, 40,000 shares Issued and
outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
Stockholders Equity (December 31)
Common stock-14 par value, 100,000 shares authorized, 47,200 shares Issued, 4,000 shares in
treasury
Pald-in capital in excess of par value, common stock
Retained earnings ($50,000 restricted by treasury stock)
Less cost of treasury stock
Total stockholders' equity
The following transactions and events affected its equity during the year
January 5 Declared a 50.50 per share cash dividend, date of record January 10.
March 20
Purchased treasury stock for cash,
Apr115
July 5
July 31
August 14
October 5
Declared a $0.50 per share cash dividend, date of record April 10.
Declared a 30.50 per share cash dividend, date of record July 10.
Declared a 20% stock dividend when the stock's market value was $14 per share.
Issued the stock dividend that was declared on July 31.1
Declared a $0.50 per share cash dividend, date of record october 10.
5. How much net income did the company earn this year?
Net income
$ 160,000
120,000
320,000
$600,000
$ 100,000
192,000
420,000
000,000
(50,000)
$750,000
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