The following information for the current year was obtained from the accounting

Question

The following information for the current year was obtained from the accounting records of Safari Supplies Corporation: Retained earnings, beginning Retained earnings, ending Sales revenue Cost of goods sold Selling expenses General and administrative expenses Dividend revenue Interest revenue Interest expense Income taxes expense $84,500 92,900 394,900 239,400 55,700 34,100 4,200 1,900 1,100 23,200 Calculate the following items: a. Total revenues b. Total expenses c. Net earnings d. Dividends declared

Explanation / Answer

a Sales revenue 394900 Interest revenue 1900 Dividend revenue 4200 Total revenues 401000 b Cost of goods sold 239400 Selling expenses 55700 General and administrative expenses 34100 Interest expense 1100 Income taxes expense 23200 Total expenses 353500 c Net earnings = Total revenue-Total expenses = 401000-353500= $47500 d Retained earnings beginning 84500 Add: Net earnings 47500 132000 Less: Retained earnings Ending 92900 Dividends declared 39100

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