Titanic Corporation's net income for the year ended December 31, 2007, is $235,000. On June 30, 2007,
Question:
Titanic Corporation's net income for the year ended December 31, 2007, is $235,000. On June 30, 2007, a cash dividend was declared for all common stockholders in the amount of $0.50 per share. Common stock in the amount of 22,000 shares was outstanding at the time. The market price of Titanic's stock at year-end (12/31/07) is $27 per share. Titanic had a $1,250,000 credit balance in retained earnings at December 31, 2006.
Required:
Calculate the ending balance (12/31/07) of retained earnings.
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Beginning retained earnings 1107 1250000 Add Net income 235000 14...View the full answer
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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