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On January 1, 2011, Baird Company had beginning balances as follows: Assets = $1,475 Liabilities = $560 Common Stock = $510 During 2011, Baird paid dividends to its stockholders of $500. Given that ending retained earnings was $740, what was Baird's net income for the 2011 accounting period?

Respuesta :

Answer:

$835

Explanation:

Given that,

Assets = $1,475

Liabilities = $560

Common Stock = $510

Dividends paid to stockholders = $500

Ending retained earnings = $740

Beginning retained earnings:

= Assets - Liabilities - Common Stock

= $1,475 - $560 - $510

= $405

Net income:

= Dividends paid to stockholders + Ending retained earnings - Beginning retained earnings

= $500 + $740 - $405

= $835

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