Hello,

I need a help with the following question. I did my own calculations, but I am not sure if it is correct. Please, check my answer and if my answer is wrong, show how to calculate it correctly these two following questions.

Applying Financial Statement Relations to Compute Dividends Assume Colgate-Palmolive reports the following dollar balances in its retained earnings account.

($ millions)	2015	2014
Retained Earnings	$19,416	$19,504

During 2015, Colgate-Palmolive reported net income of $2,050 million. a. What amount of dividends, if any, did Colgate-Palmolive pay to its stockholders in 2015?

b. What percent of its net income did Colgate-Palmolive pay out as dividends in 2015? Round to the nearest whole percentage.

My answer:

Dividends Paid=($2,050+$19,504) - $19,416= $2,138

Dividends Paid= $2,138

Dividend Payout %= $2,138/$2,050= 104%