Portman Solutions paid out $42.5 million in total common dividends and reported $150.3 million of retained earnings at year- end. The prior year's retained earnings were $104.8 million. Assume that all dividends declared were actually paid. What was the net income for the year?

Portman Solutions paid out $42.5 million in total common dividends and reported $150.3 million of retained earnings at year- end. The prior year's retained earnings were $104.8 million. Assume that all dividends declared were actually paid. What was the net income for the year?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 6P: In its most recent financial statements, Del-Castillo Inc. reported 70 million of net income and 900...

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Question

Please provide the correct solution to this financial accounting question using valid principles.

Portman Solutions paid out $42.5 million in
total common dividends and reported
$150.3 million of retained earnings at year-
end. The prior year's retained earnings were
$104.8 million. Assume that all dividends
declared were actually paid.
What was the net income for the year?

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