The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity...
The following partial information is taken from the comparative
balance sheet of Levi Corporation:
| Shareholders’ equity | 12/31/2018 | 12/31/2017 | ||||||
| Common stock, $5 par; 20 million shares authorized; 15 million
shares issued and 9 million shares outstanding at 12/31/2018; and ____ million shares issued and ____ shares outstanding at 12/31/2017. |
$ | 75 | million | $ | 45 | million | ||
| Additional paid-in capital on common stock | 520 | million | 392 | million | ||||
| Retained earnings | 197 | million | 157 | million | ||||
| Treasury common stock, at cost, 6 million shares at 12/31/2018
and 4 million shares at 12/31/2017 |
(72 | million) | (50 | million) | ||||
| Total shareholders’ equity | $ | 720 | million | $ | 544 | million | ||
What was the amount of Levi’s net income for the year 2018?
Homework Answers
Net income for 2018 = Retained earnings on 12/31/2018 - Retained earnings on 12/31/2017
= 197 - 157
= $40 Millions
Net income for 2018 = $40 Millions
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The following partial information is taken from the comparative
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