Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 4.00

Chipo Corp.

he 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?

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 11:08 PM My Price 4.00

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