Electronics World Inc. paid out $24 million in total common dividends and reported $255.6 million of retained earnings at year-end. The prior year's retainedearnings were $173.8 million. What was the net income? Assume that all dividends declared were actually paid. Write out your answer completely. For example, 25million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary.

Net income is the income that is available for distribution of dividends and retained earnings. It…

Answered: Electronics World Inc. paid out $24…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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