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Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end. The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually paid.

Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end. The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually paid.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end. The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually paid. Add your answer
Transcribed Image Text:Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end. The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually paid. Add your answer
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