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adoni [48]
3 years ago
8

On December 10, 2020, Jennings, Inc. paid out total dividends of $350,000 (this was the only dividend payment made during the ye

ar). If Jennings reported Retained earnings of $2,681,000 for 2019 and Retained earnings of $2,308,000 for 2020, what was Jennings reported net income in 2020?
Business
1 answer:
Hoochie [10]3 years ago
3 0

Answer:

$723,000

Explanation:

Calculation to determine what was Jennings reported net income in 2020

Using this formula

2020 Net income=(2019 Retained earnings-2020 Retained earnings)+ Total Dividend

Let Plug in the formula

2020 Net income=($2,681,000-$2,308,000)+$350,000

2020 Net income=$373,000+$350,000

2020 Net income=$723,000

Therefore Jennings reported net income in 2020 is $723,000

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Answer:

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Explanation:

Solution

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3 years ago
Kim is the sales representative for a major textbook publisher. When she calls on the business faculty at General University, sh
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Fashion, Inc. had a Retained Earnings balance of $16,000 at December 31, 2021. The company had an average income of $6,500 over
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Hilton Brews is a company producing instant mixes for all kinds of beverages. It notices that the market for tea has risen due t
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