A company had retained earnings on 1/1/2018 of $8.5m. During 2018, it paid a dividend of...
A company had retained earnings on 1/1/2018 of $8.5m. During 2018, it paid a dividend of $1.2m that had been declared in 2017 and it also declared a dividend in 2018 for $1.6m, payable in 2019. No other dividends were paid or declared. Net income was $2.3m in 2017 and $3.3m in 2018. In 2019, net income is projected to be $4.2m. Please calculate:
a. Retained Earnings 1/1/2017:
b. Retained Earnings 12/31/2018:
Homework Answers
| a. | |
| Retained earnings on 1/1/2018 | 8500000 |
| (+) Dividend declared in 2017 | 1200000 |
| (-) Net income in 2017 | 2300000 |
| Retained earnings on 1/1/2017 | 7400000 |
| b. | |
| Retained earnings on 1/1/2018 | 8500000 |
| (+) Net income in 2018 | 3300000 |
| (-) Dividend declared in 2018 | 1600000 |
| Retained earnings on 12/31/2018 | 10200000 |
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