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Andru [333]
2 years ago
9

3. In its most recent financial statements, Newhouse Inc. reported $50 million of net income and $810 million of retained earnin

gs. The previous retained earnings were $780 million. How much in dividends were paid to shareholders during the year
Business
1 answer:
leva [86]2 years ago
6 0

Answer:

Dividends paid= $20 million

Explanation:

<em>The dividend paid during the year would be the determined by sum of the opening balance of retained earnings and net income and less the closing balance of retained earnings. </em>

Dividends paid = Retained earnings at the beginning + net income - retained earnings at the end.

Note that the payment of dividends would reduce the amount of retained earnings balance

Dividends paid = 780 m + 50 - 810= 20

Dividends paid= $20 million

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