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For the year, Movers United has dividends of $31,800, net new equity of $7,500, and an addition to retained earnings of $24,200. What is the net income?

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Answer:

$56,000

Explanation:

The Net income of Movers United can be determined through below mentioned formula/equation:

Net income=Additions to Retained Earnings of Movers United+Dividends paid by Movers United

In the given question:

Additions to Retained Earnings of Movers United=$24,200

Dividends paid by Movers United=$31,800

Net income=$31,800+$24,200

                   =$56,000

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