(Answered) Problem - income and retained earnings relationshipsassume

Accounting

Problem - Income and Retained Earnings Relationships

Assume that retained earnings increased by $375,000 from December 31, 2008, to December 31, 2009, for Jarvie Distribution Corporation. During the year, a cash dividend of $135,000 was paid.

1. Compute the net income for the year.

2. Assume that the revenues for the year were $830,000. Compute the expenses incurred for the year.

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