Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On Sept 30th, the Disney Corp had a Retained Earnings balance of $7,933 million. One year later it had jumped to $9,557 million. They sold

On Sept 30th, the Disney Corp had a Retained Earnings balance of $7,933 million. One year later it had jumped to $9,557 million. They sold no stock during the year but did pay $442 million in common dividends. Their DPS = $0.51. Given this information:

a. what must have been their net income for the year and b. how many shares of stock must be outstanding

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions