At the beginning of 2014, Many Faces, Co. had a Retained Earnings balance of $47,090. For the next three years, the firm reported the following net income (loss) and cash dividends declared and paid: Year: 2014 Net Income (loss): $19,560 ($16,850) $12,915 Cash Dividends: $1,560 $0 $995 2015 2016 What would be the balance of Retained Earnings reported on the year-end balance sheet as of 12/31/2016? a. $47,090 b. $49,645 C. $62,715 d. $60,160 e. $65,270 The Baynton-Power Co. makes collections on all sales according to the following schedule: 20% in month of sale 80% in month following sale The following is a list of budgeted sales for the next four quarters: 2nd quarter $1,050,000 3rd quarter $980,000 4th quarter $995,000 1st quarter Budgeted Sales $1,000,000 Budgeted cash collections in 3rd quarter would be: a. $994,000 b. $1,036,000 C. $980,000 d. $992,000 e. $983,000