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Electronics World Inc. paid out $30.7 million in total common dividends and reported $227.7 million of retained earnings at year-end. The prior year's retained earnings were $163.9 million. What was the net income?

Respuesta :

Answer:

$94.5 million

Explanation:

As we know that

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

So by considering the above formula, we can easily find out the net income that equal to

$227.7 million = $163.9 million + net income - $30.7 million

$227.7 million = $133.2 million + net income

Therefore, the net income is

= $227.7 million - $133.2 million

= $94.5 million

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