Question

The ending Retained Earnings balance of ABC decreased by $1.5 million from the beginning of the year. The company declared a dividend of $4.4 million during the year. What was the net income for the year

Answer 1

Based on the information given the net income for the year will be is : $2.9 million.

Net income

Using this formula

Net income=Dividend declared-Decrease in Ending Retained earning

Where:

Dividend declared=$4.4 million

Decrease in Ending Retained earning=$1.5 million

Let plug in the formula

Net income=$4.4 million-$1.5 million

Net income=$2.9 million

Inconclusion the net income for the year will be is : $2.9 million.

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