During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. At

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During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. At the end of the year, the corporation had a net income of $350,000. The board of directors declared a cash dividend of $5 per share.

Instructions

Answer these questions in your working papers.

1.) How much of the net income did Longhorn distribute to the stockholders?

2.) How much of the net income did the corporation retain?

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Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

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Question Posted: Jun 14, 2022 08:34 AM

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During its first year of operation, Longhorn Corporation issued 17,500 shares of $10 par common stock. At

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Glencoe Accounting First Year Course

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