On December 10, 2018, Prididos, Inc. paid out total dividends of $1,375,000 (this was the only...
On December 10, 2018, Prididos, Inc. paid out total dividends of $1,375,000 (this was the only dividend payment made during the year). If Prididos reported Retained earnings of $21,168,000 for 2017 and Retained earnings of $22,230,000 for 2018, what was Prididos reported net income in 2018?
Homework Answers
Ending Retained earnings=Beginning Retained earnings+Net income-Dividends
22,230,000=21,168,000+Net income-1,375,000
Net income=22,230,000+1,375,000-21,168,000
=$2,437,000
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