ducation.com Help Saved work The following information applies to the questions

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ducation.com Help Saved work The following information applies to the questions displayed below.) The equity sections from Atticus Group's 2016 and 2017 year-end balance sheets follow Common stock-$5 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 200,000 160,000 340,000 s 700,000 ty (Decenber 31, 2017) Common stock-$5 par value, 100,000 shares Paid-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 authorized, 47,000 shares issued, 5,000 shares in treasury $235,000 209,000 864 000 $814,000 The following transactions and events affected its equity during year 2017 Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash Apr. 5 Declared a $0.50 per share eash dividend, date of record Apri1 10 July 5 Declared $0.50 per share eash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. aag. 14 Issued the stock dividend that was declared on July 31 Oct. 5 Declared a $0.50 per share cash dividend, date of record Oetober 10. S. How much net income did the company earn during year 2017?

Explanation / Answer

5

Retained Earnings Dec 31 420000 Add back Dividends (20000+17500+17500+21000+84000) 160000 Less: Retained Earnings Jan 1 -340000 Net Income 240000

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