The following data were reported in the shareholders’ equity section of the Zhang Company’s comparative balance sheets for the years ended December 31: ($ in millions) 2024 2023 Common stock, $ 1 par per share $ 306 $ 300 Paid-in capital – excess of
The following data were reported in the shareholders’ equity section of the Zhang Company’s comparative balance sheets for the years ended December 31:
| ($ in millions) | ||
|---|---|---|
| 2024 | 2023 | |
| Common stock, $ 1 par per share | $ 306 | $ 300 |
| Paid-in capital – excess of par | 174 | 150 |
| Retained earnings | 314 | 300 |
During 2024, Zhang declared and paid cash dividends of $45 million. The company also declared and issued a stock dividend. No other changes occurred in shares outstanding during 2024. What was Zhang’s net income for 2024?
Homework Answers
step 1
| beg RE | 300 | |
| change common stock | 6 | |
| change in pic | 24 | |
| cash dividend | 45 | -75 (6+24+45) |
| ending retained earnings | 225 |
306-300= 6
174-150= 24
step 2) net income 314-225= 89 answer
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