Use the following information to find dividends paid to common stockholders during 2008. Balance of Retained...
Use the following information to find dividends paid to common stockholders during 2008. Balance of Retained Earnings, December 31, 2007 –$22.0 m Plus: Net Income for 2008 68.0 m Less: Cash Dividends Paid Preferred Stock $5.8 m Common Stock ? m Total Cash Dividends Paid ? m Balance of Retained Earnings, December 31, 2008 $10.3 m
Homework Answers
| Beginning retained earnings | (22) |
| Add:net income | 68 |
| Less:dividend for preferred stock | (5.8) |
| Less:dividend for common stock(balance)(-22+68-5.8-10.3) | ($29.9 million) |
| Ending retained earnings | 10.3 |
Total Cash Dividends Paid=(5.8+29.9)=$35.7 million.
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