1. Giant Telecom Co. provided $1,000,000 worth of services in March 2023, of which $400,000 was collected in July 2023. In September of that year, Giant Telecom paid $100,000 for various office supplies, and had $50,000 worth of supplies remaining on 12/31/23. Giant Telecom paid all of 2024 rent of $2,000,000 on 12/15/23. What is Giant Telecoms accrual net income for 2023 (assume these are all of the transactions for 2023)?

a. ($1,050,000)

b. $550,000

$1,300,000

d. $835,000

e. $950,000

2. ABC Co. had beginning of year Retained Earnings of $650,000. During 2022 the company had $300,000 in sales, $210,000 in expenses, and had end of year retained earnings of $500,000. What amount, if any, did ABC declare in dividends?

a. $0

b. $510,000

c. $240,000

d. $210,000

e. None of the above