The following partial information is taken from the comparative balance sheet of Levi Corporation:
- What was the amount of Levi's net income for the year 2018?
A) $0.
B) $40 million.
C) $62 million.
D) Cannot be determined from the given information.

Question

The following partial information is taken from the comparative balance sheet of Levi Corporation: 
- What was the amount of Levi's net income for the year 2018?
A) $0. 
B) $40 million. 
C) $62 million. 
D) Cannot be determined from the given information.

Quizplus · Accepted Answer

The increase in retained earnings is a composite of net income and changes due to dividends. You cannot determine the portion due to net income unless you have information about the dividends.

The Following Partial Information Is Taken from the Comparative Balance