Accounting

1. The ending Retained Earnings balance of Lambert Inc. increased by $2.1 million from the beginning of the year. The company's net income earned during the year is $6.3 million. What is the amount of dividends Lambert Inc. declared and paid?

Select one:

A. $2.1 million.

B. $8.4 million.

C. $4.2 million.

D. $6.3 million.

2.

Selected financial data for Channel Co. is provided below:

($ in millions)
Sales	$	50,000
Interest expense		1,000
Tax expense		2,000
Net income		7,000
Total assets (beginning of year)		54,000
Total assets (end of year)		60,000
Total liabilities (end of year)		24,000
Total stockholders' equity (end of year)		36,000

What is the times interest earned ratio for Channel Co.?

Select one:

A. 7.0 times.

B. 4.0 times.

C. 10.0 times.

D. 8.5 times.

3.

Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the Social Security maximum base amount is $128,400, how much will be withheld during the year for the coach's Social Security and Medicare taxes? (Round your answers to the nearest dollar amount.)

Select one:

A. $42,761.

B. $183,600.

C. $34,800.

D. None of the other answer choices are correct.