Problem 10-4A Analyze the stockholders' equity section (LO10-7)
[The following information applies to the questions displayed below.]
The stockholders’ equity section of Velcro World is presented here.
|Balance Sheet (partial)|
|($ and shares in thousands)|
|Preferred stock, $1 par value||$||5,300|
|Common stock, $1 par value||23,000|
|Additional paid-in capital||728,600|
|Total paid-in capital||756,900|
|Treasury stock, 10,000 common shares||(250,000||)|
|Total stockholders' equity||$||787,900|
Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands.
Problem 10-4A Part 4
4. If retained earnings at the beginning of the
period was $243 million and $23 million was paid in dividends
during the year, what was the net income for the year?
(Enter your answer in million (i.e., 5,000,000 should be
entered as 5).)
|Retained Earnings as the end of the year||$ 281||million|
|Less:||Retained Earnings as the Beginning of the year||$ -243||million|
|Add:||Dividend Paid||$ 23||million|
|Income for the Year||$ 61||million|
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