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Pacific Technologies Inc. paid out $18.6 million in total common dividends and reported $210.4 million of retained earnings at year-end. The prior year's retained earnings were $175.2 million. Assume that all dividends declared were actually paid. Required: What was the net income?

Pacific Technologies Inc. paid out $18.6 million in total common dividends and reported $210.4 million of retained earnings at year-end. The prior year's retained earnings were $175.2 million. Assume that all dividends declared were actually paid. Required: What was the net income?

Managerial Accounting: The Cornerstone of Business Decision-Making
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
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Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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What was the net income? General accounting question

Pacific Technologies Inc. paid out $18.6 million in total common dividends and reported $210.4 million of retained earnings at year-end. The prior year's retained earnings were $175.2 million. Assume that all dividends declared were actually paid. Required: What was the net income?
Transcribed Image Text:Pacific Technologies Inc. paid out $18.6 million in total common dividends and reported $210.4 million of retained earnings at year-end. The prior year's retained earnings were $175.2 million. Assume that all dividends declared were actually paid. Required: What was the net income?
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