A company has revenues of $60,000, expenses other than income tax expense of $30,000, and dividends of $5,000. If the tax rate is 40%, what is the company's profit? A) $18,000 B) $30,000 C) $36,000 D) $12,000 On December 31, 2021 (after closing entries were recorded), the balance in retained earnings was $300,000. During the year, income tax expense was $50,000, profit before income tax was $140,000, and dividends declared and paid during the year were $70,000. What was the balance in retained earnings on January 1, 2021 (at the beginning of the fiscal year)? A) $300,000 B) $190,000 C) $280,000 D) $90,000 Which of the following "formulas" is incorrect? A) Gross profit - operating expenses = income before income tax. B) Operating expenses - cost of goods sold = gross profit. C) Sales - gross profit = cost of goods sold. D) Sales - cost of goods sold = gross profit