The WeLikeWhales Company paid out $25 million in dividends in 2019. At the end of 2018,...
The WeLikeWhales Company paid out $25 million in dividends in 2019. At the end of 2018, the balance sheet showed retained earnings of $412 million, and $422 million at the end of 2019. What was the net income for 2019? Show all work for full credit.
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Homework Answers
Net income for 2019 = Retained earnings for 2019 + dividend paid in 2019
Where,
The WeLikeWhales Company paid out $25 million in dividends in 2019
And
Retained earnings for 2019 = the balance sheet’s retained earnings in 2019 - the balance sheet’s retained earnings in 2018
= $422 million - $412 million = $10 million
Therefore,
Net income for 2019 = $10 million + 25 Million = $35 million
[Basic subtraction and addition functions will be used in calculator: (422-412) + 25 = 35]
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