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Otrada [13]
3 years ago
9

On 12/31/18, Hite Industries reported retained earnings of $475,000 on its balance sheet, and it reported that it had $135,000 o

f net income during the year. On its previous balance sheet, at 12/31/17, the company had reported $445,000 of retained earnings. No shares were repurchased during 2018. How much in dividends did the firm pay during 2018?a) $82,950 b) $111,300 c) $105,000 d) $127,050 e) $124,950
Mathematics
1 answer:
olganol [36]3 years ago
7 0

Answer:

Dividends = $105000

So option (c) will be correct answer

Step-by-step explanation:

We have given that Retained earning on 12/31/18 is $475000

And retained earning on 12/31/18 is $445000

Net income = $135000

Change in retained income = $475000-$445000 = $30000

We have to find dividends

We know that dividends is given by

Dividends = net income - change in retained income = $135000-$30000 = $105000

So option (c) will be correct answer

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