On 12/31/17, Hitit Industries reported retained earnings of $1,000,000 on its balance sheet, and it reported...
On 12/31/17, Hitit Industries reported retained earnings of $1,000,000 on its balance sheet, and it reported that it had $235,000 of net income during the year. On its previous balance sheet, at 12/31/16, the company had reported $905,000 of retained earnings. No shares were repurchased during 2017. How much in dividendsdid the firm pay during 2017?
Homework Answers
Ending retained earnings=Beginning retained earnings+Net income-Dividends paid
1,000,000=905000+235000-Dividends paid
Dividends paid=905000+235000-1,000,000
which is equal to
=$140,000.
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