Datatec Ltd. paid out $35.5 million in common dividends during the year. At year-end, the company reported retained earnings of $112 million. The retained earnings at the beginning of the year were $81.3 million. What was the net income for the year? (Assume all dividends declared were paid.)

Datatec Ltd. paid out $35.5 million in common dividends during the year. At year-end, the company reported retained earnings of $112 million. The retained earnings at the beginning of the year were $81.3 million. What was the net income for the year? (Assume all dividends declared were paid.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Question

I am looking for help with this general accounting question using proper accounting standards.

Datatec Ltd. paid out $35.5 million in common dividends during
the year. At year-end, the company reported retained earnings of
$112 million. The retained earnings at the beginning of the year
were $81.3 million.
What was the net income for the year? (Assume all dividends
declared were paid.)

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