Answer:
net income is 2.7 million
Explanation:
given data
beginning of year decrease = $1.5 million
dividend = $4.2 million
to find out
net income
solution
we know that here relation that is
net income + Beginning retained earning - dividend = Ending retained earning
so here Beginning retained earning - Ending retained earning = $1.5 million
so
Beginning retained earning - Ending retained earning = dividend - net income
put here value so net income will be
1.5 = 4.2 - net income
net income = 4.2 - 1.5 = 2.7
net income is 2.7 million
If the ending Retained Earnings balance of Boomer Inc. decreased by $1.5 million from the beginning of the year. The company declared a dividend of $4.2 million during the year. What the net income for the year will be is : $2.7 million
Using this formula
Net income=Dividend declared-Decrease in Ending Retained earning
Where:
Dividend declared=$4.2 million
Decrease in Ending Retained earning=$1.5 million
Let plug in the formula
Net income=$4.2 million-$1.5 million
Net income=$2.7 million
Inconclusion if the ending Retained Earnings balance of Boomer Inc. decreased by $1.5 million from the beginning of the year. The company declared a dividend of $4.2 million during the year. What the net income for the year will be is : $2.7 million
Learn more here:
https://brainly.com/question/10936409
