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Stolb23 [73]
3 years ago
5

Ivan's, Inc., paid $482 in dividends and $586 in interest this past year. Common stock increased by $196 and retained earnings d

ecreased by $122. What is the net income for the year
Business
1 answer:
Svet_ta [14]3 years ago
6 0

Answer:

$360

Explanation:

We can compute net income to be

The ending balance of retained earnings = Beginning balance of retained earnings + net income - dividend paid.

Where,

Dividend = $482

Change in retained earnings = $122

Hence,

Net income = Dividend - Change in retained earnings

= $482 - $122

Net income = $360

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