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Social ScienceIn its most recent financial statements, Nessler Inc. reported $80 million of net income and $1,440 million of retained earnings. The previous retained earnings were $1,382 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid. Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary.
In its most recent financial statements, Nessler Inc. reported $80 million of net income and $1,440 million of retained earnings. The previous retained earnings were $1,382 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid. Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary.
Expert Answer
Given that the net income in the current year is $80 million
Retained earnings in the current year is $1,440 million
Retained earnings in the previous year is $1,382 million
So, the change in retained earnings is $1,440 million minus $1,382 million which is equal to $58 million
Hence, $58 million is the amount that has not been paid ...
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