Listed are the equity sections of balance sheets for years 2018 and 2019 as reported by...
Listed are the equity sections of balance sheets for years 2018 and 2019 as reported by Mountain Air Ski Resorts, Inc. The overall value of stockholders' equity has risen from $2,170,000 to $7,600,000 to discover how and why this happened. The company paid total dividends of $210,000 during fiscal 2019.
Stockholders' Equity 2018
2019
Common stock ($1.00 par)
Authorized—4,800,000 shares
Outstanding—1,700,000 shares 2019
$1,700,000
Outstanding—550,000 shares 2018 $550,000
Paid-in capital in excess of par 520,000
4,500,000
Retained earnings 1,100,000
1,400,000
Total stockholders' equity 2,170,000
7,600,000
a. What was Mountain Air's net income for fiscal 2019?
b. How many new shares did the corporation issue and sell during the year?
c. At what average price per share did the new stock sold during 2019 sell?
d. At what price per share did Mountain Air's original 550,000 shares sell?
a. Mountain Air's net income for fiscal 2019 is $ ? (Round to the nearest dollar.)
Homework Answers
- What was Mountain Air's net income for fiscal 2019?
Net income = Dividend + retained earnings
=210,000 +(1,400,000 - 1,100,000)
=510,000
Mountain Air's net income for fiscal 2019 is $510,000
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