Required information [The following information applies to the questions displayed below.] The stockholders' equity section of Velcro World is presented here. VELCRO WORLD $ Balance Sheet (partial)) (5 and shares in thousands) Stockholders' equity: Preferred stock, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings i 4,300 13,000 293,600 310,900 271,000 (180,000) Treasury stock, 12,000 common shares Total stockholders' equity $ 401,900 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. 4. If retained earnings at the beginning of the period was $233 million and $13 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in million (i.e., 5,000,000 should be entered as 5).) Net income million
Required information [The following information applies to the questions displayed below.] The stockholders' equity section of Velcro World is presented here. VELCRO WORLD $ Balance Sheet (partial)) (5 and shares in thousands) Stockholders' equity: Preferred stock, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings i 4,300 13,000 293,600 310,900 271,000 (180,000) Treasury stock, 12,000 common shares Total stockholders' equity $ 401,900 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. 4. If retained earnings at the beginning of the period was $233 million and $13 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in million (i.e., 5,000,000 should be entered as 5).) Net income million
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.1E
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Question
![Required information
[The following information applies to the questions displayed below.]
The stockholders' equity section of Velcro World is presented here.
VELCRO WORLD
Balance Sheet (partial).
($ and shares in thousands)
Stockholders' equity:
Preferred stock, $1 par value
Common stock, $1 par value
Additional paid-in capital
Total paid-in capital
$
4,300
13,000
293,600
310,900
271,000
(180,000)
Retained earnings
Treasury stock, 12,000 common shares
Total stockholders' equity
$ 401,900
Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are
presented in thousands.
4. If retained earnings at the beginning of the period was $233 million and $13 million was paid in dividends during the year, what was
the net income for the year? (Enter your answer in million (i.e., 5,000,000 should be entered as 5).)
Net income
million](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F908d21f0-f54a-4297-88f5-00da4f5ce527%2Fcf417eb6-6b17-4088-b085-ccf4c37e74f9%2Fv93v381_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The stockholders' equity section of Velcro World is presented here.
VELCRO WORLD
Balance Sheet (partial).
($ and shares in thousands)
Stockholders' equity:
Preferred stock, $1 par value
Common stock, $1 par value
Additional paid-in capital
Total paid-in capital
$
4,300
13,000
293,600
310,900
271,000
(180,000)
Retained earnings
Treasury stock, 12,000 common shares
Total stockholders' equity
$ 401,900
Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are
presented in thousands.
4. If retained earnings at the beginning of the period was $233 million and $13 million was paid in dividends during the year, what was
the net income for the year? (Enter your answer in million (i.e., 5,000,000 should be entered as 5).)
Net income
million
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