E 2 Presented below is certain account balances of Wade Products Co.
|
Rent revenue |
$6,500 |
Sales discounts |
$7,800 |
|
Interest expense |
12,700 |
Selling expenses |
99,400 |
|
Beginning retained earnings |
114,400 |
Sales revenue |
400,000 |
|
Ending retained earnings |
134,000 |
Income tax expense |
26,600 |
|
Dividend revenue |
71,000 |
Cost of goods sold |
184,400 |
|
Sales returns and allowances |
12,400 |
Administrative expenses |
82,500 |
Instructions
From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) dividends declared during the current year.