The following amounts were reported for Saturn Inc. at the e…

The following amounts were reported for Saturn Inc. at the end of the first year of operations   Common stock $ 200,000   Sales revenue $ 800,000   Total assets $ 600,000   Dividends declared $ 40,000   Total liabilities $ 320,000     What are the retained earnings at the end of the year (hint: this being first year of the business the balance in RE at the beginning of the year is 0)? 

For the following transaction of XYZ Inc. during the month o…

For the following transaction of XYZ Inc. during the month of March: Purchased Machinery by issuing Notes Payable Indicate how the following are affected at the time of the transaction (for each choose among the 3: I=increase, D=decrease, and N=no effect).       Assets [1] Liabilities [2] Net Income [3] Cash flow [4]          

The following amounts were reported for Saturn Inc. at the e…

The following amounts were reported for Saturn Inc. at the end of the first year of operations   Common stock $ 200,000   Sales revenue $ 800,000   Total assets $ 600,000   Dividends declared $ 40,000   Total liabilities $ 320,000     What amount of expenses were incurred during the year?