if beginning retained earnings were $28,000, dividends were $25,000, and ending retained earnings was $12,000, how...

Question

Question

if beginning retained earnings were $28,000, dividends were $25,000, and ending retained earnings was $12,000, how much was net income?

Answer 1

Answer #1

Solution:

Retained earnings Beginning Balance + Net income - Dividends = Retained earning Ending Balance

$28,000 + Net income -$25,000 =$12,000

Net income + $3,000 =$12,000

Net income = $12,000 -$3,000 =$9,000

Net income = $9,000

Answer 2

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