IMF Distribution, Inc had Retained Earnings of $4,925 at the beginning of the year. At the...

Transcribed Image Text:

IMF Distribution, Inc had Retained Earnings of $4,925 at the beginning of the year. At the end of the year, the Retained Earnings account balance is $5,498. The Net Income for the year is $938. What is the retention ratio? Please record your answer using the following format (12.54). Record your answer to two decimal places. While the answer should be given as a percentage, do NOT place a "%" directly after the number. Do not type the parentheses: just type the number! IMF Distribution, Inc had Retained Earnings of $4,925 at the beginning of the year. At the end of the year, the Retained Earnings account balance is $5,498. The Net Income for the year is $938. What is the retention ratio? Please record your answer using the following format (12.54). Record your answer to two decimal places. While the answer should be given as a percentage, do NOT place a "%" directly after the number. Do not type the parentheses: just type the number!

Answer rating: 100% (QA)

The retention ratio can be calculated by dividing the increase in retained earnin... View the full answer