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The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) (5 in thousands) Stockholders equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity 17,500 70,000 87,500 50,500 (3,200) $134,800 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands 4. If retained earnings at the beginning of the period was $42 million and net income during the year was $13,450,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i... 5 should be entered as 5,000,000).) Dividends paid

The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) (5 in thousands) Stockholders equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity 17,500 70,000 87,500 50,500 (3,200) $134,800 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands 4. If retained earnings at the beginning of the period was $42 million and net income during the year was $13,450,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i... 5 should be entered as 5,000,000).) Dividends paid

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 stockholders' equity section of The Seventies Shop is presented here THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity se 17,500 70,000 87,500 50,500 (3,200) $134,800 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands Dividends paid 4. If retained earnings at the beginning of the period was $42 million and net income during the year was $13.450,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i.e., 5 should be entered as 5,000,000).)
Transcribed Image Text:The stockholders' equity section of The Seventies Shop is presented here THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity se 17,500 70,000 87,500 50,500 (3,200) $134,800 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands Dividends paid 4. If retained earnings at the beginning of the period was $42 million and net income during the year was $13.450,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i.e., 5 should be entered as 5,000,000).)
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