Dividends on common stock during year 2 totaled 40 thousand

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Reference no: EM13572255

Hartzog Corporation's most recent balance sheet and income statement appear below:

Statement of Financial Position December 31, Year 2 and Year 1 (in thousands of dollars)
	Year 2	Year 1
Assets
Current assets:
Cash	$ 270	$ 240
Accounts receivable	350	330
Inventory	220	230
Prepaid expenses	50	50
Total current assets	890	850
Plant and equipment, net	800	810
Total assets	$1,690	$1,660

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$ 290	$ 260
Accrued liabilities	30	30
Notes payable, short term	90	90
Total current liabilities	410	380
Bond payable	250	270
Total liabilities	660	650
Stockholders' equity:
Preferred stock, $100 par value, 3.0%	100	100
Common stock, $2 par value	400	400
Additional paid-in-capital--common stock	280	280
Retained earnings	250	230
Total stockholders' equity	1,030	1,010
Total liabilities & stockholders' equity	$1,690	$1,660

Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars)
Sales (all on account)	$1,440
Cost of goods sold	790
Gross margin	650
Selling and administrative expense	526
Net operating income	124
Interest expense	34
Net income before taxes	90
Income taxes (30%)	27
Net income	$ 63

Dividends on common stock during Year 2 totaled $40 thousand. Dividends on preferred stock totaled $3 thousand. The market price of common stock at the end of Year 2 was $7.13 per share.

Reference no: EM13572255

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