. 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
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?