The comparative financial statements of Blige Inc. are as follows. The market pr

Question

The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $68 on December 31, 2012.

Instructions:

Determine the following measures for 2012, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Assume 365 days a year.

Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 2011
    2012     2011 Retained earnings, January 1 $2,322,400 $1,952,800 Add net income for year 525,600 400,000 Total $2,848,000 $2,352,800 Deduct dividends: On preferred stock $8,400 $8,400 On common stock 22,000 22,000 Total $30,400 $30,400 Retained earnings, December 31 $2,817,600 $2,322,400

Explanation / Answer

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