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.

Question

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."

Answer 1

510