1.Based on the following information for the year ended December 31, 2018, what is the dollar amount of Retained Earnings at December 31st?

Retained Earnings, January 1, 2018	$1,000,000
Net Income for 2018	$ 600,000
Cash dividends declared in 2018	$ 100,000

2.Based on the following information for the year ended December 31, 2018, what is the dollar amount of Net Income?

Sales Revenue	$1,000,000
Cost of Goods Sold	$ 600,000
Cash dividends declared in 2018	$ 10,000
Operating Expenses	$ 250,000
Income Tax Expense	$ 50,000

3. Based on the following information for the year ended December 31, 2018, what is Earnings Per Share (in dollars and cents)?

Retained Earnings January 1, 2018	$ 340,000
Cost of Goods Sold	$ 620,000
Cash dividends declared in 2018	$ 50,000
Operating Expenses	$ 170,000
Sales Revenue	$1,000,000
Income tax rate	30 %
Common stock outstanding all year	10,000 shares