Calculation of Net Income & Retained Earnings.
Calculate
1)net income
2)Retained earnings based on the information below. Be sure to show all work and label each answer clearly.
|
Sales
|
200,000
|
|
Cash
|
50,000
|
|
Total Liabilities
|
430,000
|
|
Operating Expenses
|
135,000
|
|
Common stock
|
20,000
|
|
Beginning retained earnings
|
500,000
|
|
Dividends paid
|
25,000
|