he shareholders' equity section of Propel Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in millions) 2021 2020 Common stock, $1 par per share $ 614 $ 601 Paid-in capital—excess of par 350 301 Retained earnings 630 601 During 2021, Propel declared and paid cash dividends of $91 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Propel's net income for 2021? Multiple Choice $29 million $120 million $133 million $182 million
he shareholders' equity section of Propel Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in millions) 2021 2020 Common stock, $1 par per share $ 614 $ 601 Paid-in capital—excess of par 350 301 Retained earnings 630 601 During 2021, Propel declared and paid cash dividends of $91 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Propel's net income for 2021? Multiple Choice $29 million $120 million $133 million $182 million
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
Related questions
Question
The shareholders' equity section of Propel Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data:
($ in millions) | ||||||||
2021 | 2020 | |||||||
Common stock, $1 par per share | $ | 614 | $ | 601 | ||||
Paid-in capital—excess of par | 350 | 301 | ||||||
630 | 601 | |||||||
During 2021, Propel declared and paid cash dividends of $91 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Propel's net income for 2021?
Multiple Choice
-
$29 million
-
$120 million
-
$133 million
-
$182 million
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning