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1 April, 15:55

Wilton Corporation had beginning retained earnings of $724,000 and ending retained earnings of $833,000. During the year, it issued common stock totaling $47,000 and paid dividends of $50,000. What was its net income for the year?

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  1. 1 April, 17:24
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    The ending retained earnings = beginning retained earnings + net income - Dividends Paid

    Net income = ending retained earnings - beginning retained earnings + Dividends Paid

    = $833,000 - $724,000 + $50,000

    = $159000.

    Therefore, the net income for the year is $159000.
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Home » Business » Wilton Corporation had beginning retained earnings of $724,000 and ending retained earnings of $833,000. During the year, it issued common stock totaling $47,000 and paid dividends of $50,000. What was its net income for the year?
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