Purple Dog Pet Supply Inc. (PDPS) released its annual results and financial statements. Lucia is reading the summary in the business pages o

Question

Purple Dog Pet Supply Inc. (PDPS) released its annual results and financial statements. Lucia is reading the summary in the business pages of today’s paper. In its annual report this year PDPS reported a net income of $110,000. Last year, the company reported a retained earnings balance of $425,000, whereas this year it increased to $500,000. How much was paid out in dividends this year?

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Thu Thủy 5 months 2021-08-25T00:06:27+00:00 1 Answers 2 views 0

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    2021-08-25T00:07:39+00:00

    Answer:

    $35,000

    Step-by-step explanation:

    The computation of the dividend amount is given below:

    As we know that

    Dividend Paid = Net income – Retained earnings for current year

    where,

    Retained earnings for current year = This year – last year

    = $500,000 – $425,000

    = $75,000

    Now

    Dividend Paid is  

    = $110,000 – $75,000

    = $35,000

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