Click here to read the eBook: Statement of Stockholders\' Equity STATEMENT OF ST

Question

Click here to read the eBook: Statement of Stockholders' Equity STATEMENT OF STOCKHOLDERS' EQUITY in its most recent financial statements, Nessler Inc. reported $35 million of net income and $350 million of retained earnings. The previous retained earnings were $326 million. How much in dividends were paid to shareholders during the year? Assume that all Round your answer to the nearest dollar, if necessary. o dividends declared were aqtually paid. Write out your answer completely. For example, 25 million should be entered as 25,000,000.

Explanation / Answer

Ending retained earnings=Beginning retained earnings+Net income-Dividends

350=326+35-Dividends

Dividends=(326+35-350)

which is equal to

=$11million

=$11,000,000

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