The statement of stockholders' equity shows a $10,000 increase in the common stock account, a $25,000 increase in the paid-in capital in excess of par--common stock account, and a $120,000 increase in retained earnings. If the common stock has a par value of $5 and dividends of $12,000 were declared and paid during the year, what is the amount of net income for the year? a. $132,000 b. $120,000 c. $142,000 d. $110,000

The statement of stockholders' equity shows a $10,000 increase in the common stock account, a $25,000 increase in the paid-in capital in excess of par--common stock account, and a $120,000 increase in retained earnings. If the common stock has a par value of $5 and dividends of $12,000 were declared and paid during the year, what is the amount of net income for the year? a. $132,000 b. $120,000 c. $142,000 d. $110,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 6MC: For purposes of computing the weighted average number of shares outstanding during the year, a...

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