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Electronics World Inc. paid out $29.9 million in total common dividends and reported $342.6 million of...

Electronics World Inc. paid out $29.9 million in total common dividends and reported $342.6 million of retained earnings at year-end. The prior year's retained earnings were $250.1 million. What was the net income? 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.

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Answer #1

Net Income for the year

Increase in Retained Earnings = Retained earnings at year-end - Retained earnings at year beginning

= $342.60 Million - $250.10 Million

= $92.50 Million

Increase in Retained Earnings = Net Income for the year – Dividends paid

$92.50 Million = Net Income for the year - $29.90 Million

Net Income for the year = $92.50 Million + $29.90 Million

Net Income for the year = $122.40 Million

Net Income for the year = $122,400,000

“Therefore, the Net Income for the year will be $122,400,000”

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