Question - Black Enterprises reported the following ($ in 000s) as of December 31, 2011. All accounts have normal balances.
During 2012 ($ in 000s), net income was $9,000; 25% of the treasury stock was resold for $450; cash dividends declared were $600; cash dividends paid were $500; and all of the stock options expired.
1. What ($ in 000s) was shareholders' equity as of December 31, 2011?
A. $29,600.
B. $35,600.
C. $30,400.
D. $28,600.
2. What ($ in 000s) was shareholders' equity as of December 31, 2012?
A. $38,100.
B. $37,450.
C. $38,450.
D. $38,350.