Assume that retained earnings increased by $62,850 from June 30 of year 1 to June 30 of year 2. A cash dividend of $13,500 was declared and paid during the year. Compute the net income for the year.
Assume that retained earnings increased by $62,850 from June 30 of year 1 to June 30 of year 2. A cash dividend of $13,500 was declared and paid during the year. Compute the net income for the year.
Chapter6: Managing Cash Flow
Section: Chapter Questions
Problem 4DQ
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Compute the net income for the year
Transcribed Image Text:Assume
that retained
earnings
increased by $62,850 from June 30 of
year 1 to June 30 of year 2. A cash
dividend of $13,500 was declared and
paid during the year. Compute the net
income for the year.
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