Your Company's balance sheet reported $95,000 of common stock and retained earnings of $30,000 on January...
Your Company's balance sheet reported $95,000 of common stock and retained earnings of $30,000 on January 1, 2019. Retained Earnings on the December 31, 2019 balance sheet was $100,000 and the company paid a $15,000 dividend during the year. How much was net income for 2019?
Homework Answers
Net income = Ending reatined earnings + Dividends- Beginning retained earnings
=$100,000+$15,000-$30,000
Net income =$85,000
| Beginning retained earnings | $30,000 |
| Add: Net income | $85,000 |
| Less: Dividends | ($15,000) |
| Ending retained earnings | $100,000 |
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