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Q1) Compute:

1) net income

2) Retained earnings based on information given below. Make sure to illustrate 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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921425

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