On January 1, 2019, R. Lupin Corporation's retained earnings account had a balance of $1,570,000. During 2019 the company had revenues of $270,000 and expenses of $186,000. On December 31, the company's retained earnings had a balance of $1,601,000.
Determine the amount of dividends paid during 2019.

Question

Quizplus · Accepted Answer

Dividends = Beginning retained earnings + Net income - Ending retained earnings
(X = $1,570,000 + ($270,000 - $186,000) - $1,601,000)
(X = $53,000)