The ending Retained Earnings balance of Boomer Inc. decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year?A. $7.5 million.B. $6.4 million.C. $4.4 million.D. $1.0 million.

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23-01-2020
Business

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The ending Retained Earnings balance of Boomer Inc. decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year?A. $7.5 million.B. $6.4 million.C. $4.4 million.D. $1.0 million.

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Answer:

The ending Retained Earnings balance of Boomer Inc. decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year?

$6.4 million

Explanation:

After getting a decrease in earning since the beginning of the year by $1m and the company was able to declare a dividend of $5.4m during the year, then the total net income for the year is

$5.4m + $1.0m= $6.4m