The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value$0Common stock, $5 par value19,500Additional paid-in capital93,600Total paid-in capital113,100Retained earnings52,500Treasury stock(3,600)Total stockholders' equity$162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 4. If retained earnings at the beginning of the period was $44 million and net income during the year was $10,720,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i.e., 5 should be entered as 5,000,000).) Dividends paid

Dividends are the distribution of profits to the shareholders of the company like equity…

Answered: The stockholders' equity section of The…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.23E

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The stockholders' equity section of The Seventies Shop is presented here.

THE SEVENTIES SHOP
Balance Sheet (partial)
($ in thousands)
Stockholders' equity:
Preferred stock, $50 par value	$0
Common stock, $5 par value	19,500
Additional paid-in capital	93,600
Total paid-in capital	113,100
Retained earnings	52,500
Treasury stock	(3,600)
Total stockholders' equity	$162,000

Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands.

4. If retained earnings at the beginning of the period was $44 million and net income during the year was $10,720,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i.e., 5 should be entered as 5,000,000).)

Dividends paid

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