Ningbo Steel had year end 2011 and 2012 retained earnings balances of $6,000,000 and $6,600,000 respectively. The firm paid $200,000 of dividends in 2012. Based on this information, Ningbo Steel’s net profit after taxes for 2012 was:

$800,000

Explanation:

The retained earnings is the accumulated balance of the company's net income over the years. Movement between the opening retained earnings and the closing retained earnings of an organization is usually as a result of the net income/loss for the period and amount of dividend declared and paid during the period.

Opening retained earnings + net income - dividend = closing retained earnings

6,000,000 + net income - 200,000 =  6,600,000

net income = 6,600,000 + 200,000 - 6,000,000

net income = 800,000

All amounts are in $.

Ningbo Steel’s net profit after taxes for 2012 was $800,000

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