Thelma and Louie, Inc. started the year with a balance of retained earnings of $542 million and ended the year with retained earnings of $584 million. The company paid dividends of $32 million to the preferred stockholders and $72 million to common stockholders. Calculate Thelma and Louie’s net income for the year.

Thelma and Louie’s net income for the year is $146 Million

Explanation:

Retained Earning account accumulates all the earning made by business and payment of dividend also made from this account. The net Income for the year is added to this account.

Use following formula to calculate the Net Income for the year.

Closing Balance of retained earning = Opening Balance of retained earning + Net income  for the year - Dividend paid during the year

$584 million = $542 million + net Income - ( 32 million + 72 million )

$584 million = $542 million + net Income - 104 million

$584 million = $438 million + net Income

Net Income = $584 million - $438 million  = $146 million

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

the correct answer is - no.

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