Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end. The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually paid.

Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end. The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually paid.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 6P: In its most recent financial statements, Del-Castillo Inc. reported 70 million of net income and 900...

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Smart Students Inc paid out $22.4million in total common dividends and reported $144.7million of retained earnings at year-end.
The prior year's retained earnings were $95.5million. What was the net income? Assume that all dividends declared were actually
paid.
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