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Finance

Mr. Husker's Tuxedos Corp. began the year 2015 with $280 million in retained earnings. The firm earned net income of $45 million in 2015 and paid dividends of $6 million to its preferred stockholders and $15 million to its common stockholders. What is the year-end 2015 balance in retained earnings for Mr. Husker's Tuxedos?

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Changes in retained earnings = net income - dividend payments = 45 - 6 - 15 = $24 million.

Year-end 2015 retained earnings = year-end 2014 retained earnings + changes in retained earnings = 280 + 24 = $304 million.

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