. The following relate to Farr Corporation for the month of April:

Sales Revenue $140,000

Gain on the Sale of Land $20,000

Cost of Goods Sold $75,000

Tax Expense $14,000

Advertising Expense $10,000

3.5.3 https://biz.libretexts.org/@go/page/24764

Dividends Paid $7,000

Loss on Lawsuit $24,000

1. Determine Farr’s gross profit for the month of April.

2. Determine Farr’s net income for the month of April.

3. If retained earnings at the beginning of April were $1,500,000, what would retained earnings be at the end of April?