Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE answer the following question asap.. On 12/31/2020, Heaton Industries Inc. reported retained earnings of $450,000 on its balance sheet, and it reported that it

PLEASE answer the following question asap..

On 12/31/2020, Heaton Industries Inc. reported retained earnings of $450,000 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?

Select the correct answer.

a. $277,500

b. $277,737

c. $277,579

d. $277,658

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

Recommended Textbook for

Public Finance

Authors: Harvey S Rosen

7th Edition

0072876484, 978-0072876482

More Books

Students also viewed these Finance questions

Question

1. Walk to the child, look into his or her eyes.

Answered: 1 week ago