The following account balances appear on the balance sheet of Osgood Industries:
Common Stock (300,000 shares authorized,$100 par): $10,000,000
Paid-In Capital in Excess of Par-Common Stock: $2,000,000
Retained Earnings: $45,000,000
The board of directors declared a 2% stock dividend when the market price of the stock was $135 a share.
Required:
Definitions:
Net Income
The remaining earnings of a company following the deduction of all expenses and taxes from its total revenue.
Cash Dividends
Payments made by a company to its shareholders from its profits or reserves, representing a share of the corporate earnings.
Financing Activities
Transactions and events that affect long-term liabilities and equity of a company, including issuing debt, repaying loans, and distributing dividends.
Fiscal Year
A one-year period used by governments and businesses for accounting and financial reporting, which may or may not align with the calendar year.
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