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Question 2.18. Using the information provided in the problem on page 83, calculate/answer the following question Note where t
Year Net Income Retained Earnings Balances January 1, 2013 December 31, 2013 December 31, 2014 December 31, 2015 $ 700 890 1,
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Answer #1

Solution:

a. Dividends for 2013 = Retained earnings on Jan 1, 2013 + Net income - Retained earnings on Dec 31, 2013

= $700 + $250 - $890 = $60

b. Dividends for 2014 = Retained earnings on Jan 1, 2014 + Net income - Retained earnings on Dec 31, 2014

= $890 + $225 - $1,045 = $70

c. Dividends for 2015 = Retained earnings on Jan 1, 2015 + Net income - Retained earnings on Dec 31, 2015

= $1,045 + $40 - $1,010 = $75

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