During 2003, Safe Lite Corporation had revenues of $180,000 and expenses, including income taxes, of $100,000. On

Question:

During 2003, Safe Lite Corporation had revenues of $180,000 and expenses, including income taxes, of $100,000. On December 31, 2002, Safe Lite had assets of $400,000, liabilities of $100,000, and capital stock of $250,000. Safe Lite paid a cash dividend of $40,000 in 2003. No additional stock was issued. Compute the retained earnings on December 31, 2002, and 2003.

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