Solution-What was the amount of net income reported by

What was the amount of net income reported by sheffield corp

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

	2022	2021
Common stock, 10,500 and 10,000 shares, issued and
outstanding, respectively, for 2022 and 2021	$160,600	$130,800
Preferred stock, 5,000 shares, issued and outstanding	104,000	104,000
Retained earnings	304,600	249,900

A small stock dividend was declared and issued in 2022. The market price of the shares issued was $11,400. Cash dividends of $16,800 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value.

Required - What was the amount of net income reported by Sheffield Corp. in 2022?

Reference no: EM133177437

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What was the amount of net income reported by sheffield corp

Reference no: EM133177437

Reference no: EM133177437

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