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Given the following information, determine net income. The retained earnings balance on January 1, 2018, equals $58,000; dividends during 2018 total $18,350; and the retained earnings balance at December 31, 2018, equals $64,850

Answer :

Answer:

$25,200

Explanation:

Given that,

Retained earnings balance on January 1, 2018, = $58,000

Dividends during 2018 = $18,350

Retained earnings balance at December 31, 2018 = $64,850

Therefore,

Net income:

= Retained earnings balance at December 31, 2018 + Dividends during 2018 - Retained earnings balance on January 1, 2018

= $64,850 + $18,350 - $58,000

= $25,200

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