#7. Net income Dokic, Inc. reported the following balance sheets for year-end 2001 and 2002 (dollars...
#7.
Net income
Dokic, Inc. reported the following balance sheets for year-end 2001 and 2002 (dollars in millions):
2002 2001
Cash $650 $500
Accounts receivable 450 700
Inventories 850 600
Total current assets $1,950 $1,800
Net fixed assets 2,450 2,200
Total assets $4,400 $4,000
Accounts payable $680 $300
Notes payable 200 600
Wages payable 220 200
Tot current liabilities $1,100 $1,100
Long-term bonds 1,000 1,000
Common stock 1,500 1,200
Retained earnings 800 700
Total common equity $2,300 $1,900
Totliab.and equity $4,400 $4,000
The total dividends paid to the company’s common stockholders during 2002 was $50 million. What was the company’s net income during the year 2002?
a. $ 50 million
b. $150 million
c. $250 million
d. $350 million
e. $450 million
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#7.
Net income
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