Problem #2 (10 points) Willie Company's retained earnings increased $35,000 during 2016. What was Willie's 2016...

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Problem #2 (10 points) Willie Companys retained earnings increased $35,000 during 2016. What was Willies 2016 net income or

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Answer 1

Answer #1

Increase in retained earnings = $35,000

Dividend declared = $28,000

Net Income = Increase in retained earnings + Dividend declared

= 35,000+28,000

= $63,000

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Answer 2

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