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STATEMENT OF STOCKHOLDERS ' EQUITY In its most recent financial statements, New-house Inc. reported $50 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid.
Fundamentals of Financial Manageme...
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Fundamentals of Financial Manageme...
STATEMENT OF STOCKHOLDERS' EQUITY In its most recent financial statements, New-house Inc. reported $50 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid.
To determine: The dividends paid by Company N.
Statement of Stockholders’ Equity: Statement of stockholders’ equity reports the opening and closing balance of stockholder’s equity with the changes incurred during the accounting period.
Explanation of Solution
Solution:
Statement of retained earnings for Company N:
| N Company | |
| Statement of Retained Earnings | |
| Particulars |
Amount ($) |
| Beginning balance of retained earnings | $780,000,000 |
| Add: Net Income | $50,000,000 |
| Retained earnings available | $830,000,000 |
| Less: Dividends (balancing figure) | ($20,000,000) |
| Ending balance of retained ea... | |
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