A company's retained earnings increased $375,000 last year and its assets increased $973,000.The company declared a $79,000 cash dividend during the year.What was last year's net income?

Name: A company's retained earnings increased $375,000 last year and its assets increased $973,000.The company declared a $79,000 cash dividend during the year.What was last year's net income?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Retained earnings = Net income - dividends 
$375,000 = Net income - $79,000 
Net income = $454,000

A Company's Retained Earnings Increased $375,000 Last Year and Its