Colgate-Palmolive Company reports the following balances in its retained earnings. ($ millions) 2010 2009 Retained earnings $14,329 $13,157 During 2010, Colgate-Palmolive reported net income of $2,203 million. a. Assume that the only changes affecting retained earnings were net income and dividends. What amount of dividends did Colgate-Palmolive pay to its shareholders in 2010

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Answer: $1,031 million

Explanation:

Given that,

Retained earnings (2010) = $14,329 million

Retained earnings (2009) = $13,157 million

Net income (2010) = $2,203 million

Amount of dividends = Retained earnings (2009) + Net income (2010) - Retained earnings (2010)

= $13,157 million + $2,203 million - $14,329 million

= $1,031 million

Therefore, amount of dividends did Colgate-Palmolive pay to its shareholders in 2010 is $1,031 million.