1. A company reports the following information on December 31:

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Fees earned $200,000 Expenses $150,000 Retained earnings as of January 1 $30,000 Dividends $15,000

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What is the year-end retained earnings? - $30,000 * $65,000 - $45,000 - $15,000

2.A company reports the following information: Line item Amount: Accounts payable $10,000 Accounts receivable $20,000 Cash $50,000 Fees earned $200,000 Land $90 ,000 Misc. expense $10,000 Office expense $70,000 Wages expense $100,000

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What is the companys net income? - $70,000 - $100,000 - $60,000 - $20,000