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 $ 160,000 120,000 320,000 $ 600,000 Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 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 March 20 April 5 July 5 July 31. August 14 October 5 Declared a $0.50 per share cash dividend, date of record January 10. Purchased treasury stock for cash. Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock dividend when the stock's market value was $12 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. $ 189,600 179,200 400,000 768,800 (30,000) $ 738,800 5. How much net income did the company earn this year? Net income
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 $ 160,000 120,000 320,000 $ 600,000 Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 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 March 20 April 5 July 5 July 31. August 14 October 5 Declared a $0.50 per share cash dividend, date of record January 10. Purchased treasury stock for cash. Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock dividend when the stock's market value was $12 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. $ 189,600 179,200 400,000 768,800 (30,000) $ 738,800 5. How much net income did the company earn this year? Net income
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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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
$ 160,000
120,000
320,000
$ 600,000
Retained earnings
Total stockholders' equity
Stockholders' Equity (December 31)
Common stock-$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in
treasury
Paid-in capital in excess of par value, common stock
Retained earnings ($30,000 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
March 20
April 5
July 5
July 31.
August 14
October 5
Declared a $0.50 per share cash dividend, date of record January 10.
Purchased treasury stock for cash.
Declared a $0.50 per share cash dividend, date of record April 10.
Declared a $0.50 per share cash dividend, date of record July 10.
Declared a 20% stock dividend when the stock's market value was $12 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.
$ 189,600
179,200
400,000
768,800
(30,000)
$ 738,800
5. How much net income did the company earn this year?
Net income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe18c4c3e-fff6-4ff0-8265-a5151c1bba12%2F1b6e2301-0f03-4059-8bdb-28b6ea4fd997%2Fi3bj3i_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
$ 160,000
120,000
320,000
$ 600,000
Retained earnings
Total stockholders' equity
Stockholders' Equity (December 31)
Common stock-$4 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in
treasury
Paid-in capital in excess of par value, common stock
Retained earnings ($30,000 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
March 20
April 5
July 5
July 31.
August 14
October 5
Declared a $0.50 per share cash dividend, date of record January 10.
Purchased treasury stock for cash.
Declared a $0.50 per share cash dividend, date of record April 10.
Declared a $0.50 per share cash dividend, date of record July 10.
Declared a 20% stock dividend when the stock's market value was $12 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.
$ 189,600
179,200
400,000
768,800
(30,000)
$ 738,800
5. How much net income did the company earn this year?
Net income
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