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Answer to Question #70401 in Finance for Shannon

Question #70401

Thelma and Louie, Inc., started the year with a balance of retained earnings of $550 million and ended the year with retained earnings of $600 million. The company paid dividends of $40 million to the preferred stockholders and $80 million to common stockholders.

Calculate Thelma and Louieā€™s net income for the year. (Enter your answer in millions of dollars.)

Net income $
Expert's answer
Net income = retained earnings + dividends, then retained earnings = $600-$550=$50, 2) Dividends = $40+$80=$120, 3)net income=$120+$50=$170.

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