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30 May, 11:47

Ullrich Printing Inc. paid out $21,750 of common dividends during the year. It ended the year with $187,500 of retained earnings versus the prior year's retained earnings of $132,250. How much net income did the firm earn during the year

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  1. 30 May, 12:24
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    The options are:

    $77,000 $80,850 $84,893 $89,137 $93,594

    The correct option is the first one,$77,000

    Explanation:

    The net income can be ascertained using the ending retained earnings formula provided thus:

    ending retained earnings=beginning retained earnings+net income-dividends

    ending retained earnings is $187,500

    beginning retained earnings is $132,250

    dividends paid during the year was $21,750

    By changing the subject of the formula, net income formula is derived:

    net income=ending retained earnings-beginning retained earnings+dividends

    net income=$187,500-$132,250+$21,750=$ 77,000.00
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Home » Business » Ullrich Printing Inc. paid out $21,750 of common dividends during the year. It ended the year with $187,500 of retained earnings versus the prior year's retained earnings of $132,250. How much net income did the firm earn during the year
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