Solution-What was the amount of net income reported

What was the amount of net income reported

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Reference no: EM13507437

The following account balances relate to the stockholders' equity accounts of Chipo Corp. at year-end.

	2012	2011
Common stock, 10,500 and 10,000 shares,
respectively, for 2012 and 2011	$166,580	$133,420
Preferred stock, 5,000 shares	105,250	105,250
Retained earnings	304,000	262,220

A small stock dividend was declared and issued in 2012. The market value of the shares was $11,100. Cash dividends were $15,770 in both 2012 and 2011. The common stock has no par or stated value.

(a) What was the amount of net income reported by Chipo Corp. in 2012?

Reference no: EM13507437

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What was the amount of net income reported

Reference no: EM13507437

Reference no: EM13507437

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