TechVision Corp. paid out $28.5 million in total common dividends and reported $135 million of retained earnings at year-end. The prior year's retained earnings were $94.2 million. What was the net income? Assume that all dividends declared were actually paid. Round the answer to the nearest dollar, if necessary.

TechVision Corp. paid out $28.5 million in total common dividends and reported $135 million of retained earnings at year-end. The prior year's retained earnings were $94.2 million. What was the net income? Assume that all dividends declared were actually paid. Round the answer to the nearest dollar, if necessary.

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 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

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Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)
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