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New Hampshire Services reported $ 7.8 million of retained earnings on its December 31, 2007 balance sheet. In 2008, the company lost money; its net income was -$500,000 (negative $500,000). Despite the loss, the company still paid a $ 1.30 per share dividend. The company's earnings per share for 2008 were -$2.50 (negative $2.50). What was the level of retained earnings on the company's December 31, 2008 balance sheet? Show your answer to the nearest dollar, but do not use the $ or , signs in your answer.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92666671

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