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    Net Income Calculation

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    The following data were taken from Jamison Company financial statements:

    Retained earnings, December 31, 2007 $30,000
    Retained earnings, December 31, 2008 44,000
    Dividends payable, December 31, 2007 450
    Dividends payable, December 31, 2008 600
    Dividends declared during 2008 2,125

    a. Jamison's net income or loss for 2008 was $ -------

    b. Jamison paid cash of $ --------------- in 2008 for dividends to its shareholders. (Please show calculations).

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    Solution Preview

    Dear student,

    Solution is provided in a separate Word document attached.It is also produced herewith for your ready reference.

    a. Jamison's net income or loss for 2008 was $16125
    Working:
    Retained earnings balance at 31st December 2008 $44000
    Add: Dividend ...

    Solution Summary

    Net income calculations are examined.

    $2.19

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