Determine Net Income, if a corporation had total assets of $600,000 and total equity of $225,000 at the
beginning of the year, and assets increased by $150,000 and liabilities increased by $60,000, and no
other transactions occurred except a dividend payment of $45,000 and revenues and expenses.
A company has $10 par common stock outstanding with a total par value of $4,000,000 and 5%, $50 par cumulative, nonparticipating preferred stock with a total par value of $3,000,000. No dividend was declared on the stock in the last year. In the current year, the company earned a net income of $1,700,000 and dividends paid, included a dividend of $3 per share on the common stock. What is the total amount of dividend paid to shareholders in the current year?
beginning of the year, and assets increased by $150,000 and liabilities increased by $60,000, and no
other transactions occurred except a dividend payment of $45,000 and revenues and expenses.
A company has $10 par common stock outstanding with a total par value of $4,000,000 and 5%, $50 par cumulative, nonparticipating preferred stock with a total par value of $3,000,000. No dividend was declared on the stock in the last year. In the current year, the company earned a net income of $1,700,000 and dividends paid, included a dividend of $3 per share on the common stock. What is the total amount of dividend paid to shareholders in the current year?