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10 October, 04:28

The ending retained earnings balance of juan's mexican restaurant chain increased by $4.3 million from the beginning of the year. the company declared a dividend of $2.3 million during the year. what was the net income earned during the year?

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  1. 10 October, 05:40
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    The formula to solve the net income earned during the year is;

    Increase in retained earning + Dividends = Net income

    $4.3 million + $2.3 million = $6.6 million.

    I just revised the formula of increase of retained earning which is Increase of retained earning = net income - dividends.
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