On 12/31/19, Hite Industries reported retained earnings of $537,500 on its balance sheet, and it reported...

On 12/31/19, Hite Industries reported retained earnings of $537,500 on its balance sheet, and it reported that it had $135,000 of net income during the year. On its previous balance sheet, at 12/31/18, the company had reported $445,000 of retained earnings. No shares were repurchased during 2019. How much in dividends did the firm pay during 2019?

Expert Solution

On 12/31/19 Retained earnings = $537500

On 12/31/18 Retained earnings = $ 445000

So,change in retained earnings = 537500- 445000 = $ 92500

Net income for 2019 = $ 135000

Now,net income with either be saved as retained earnings or will be distributed as dividends. As we can see addition in retained earnings is 92500, so this part of net income was saved and rest was distributed as dividends.

Dividends = Net income - change in retained earnings = 135000 - 92500 = $ 42500

So firm paid $42500 as dividends during 2019.

jeff jeffy answered 2 years ago

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On 12/31/2020, Heaton Industries Inc. reported retained earnings of $275,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020? elect the correct answer. a. $452,571 b. $452,786 c. $452,714 d. $452,643 e. $452,500

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