Question: 1. Assume the following: beginning retained earnings was $125,000 and ending retained earnings was $150,000. Cash dividends were paid in the amount of $77,000. What was net income for the year?
2. A food division reported cost of sales-food of $198,680. Employees' meals cost $1,225, complimentary meals $142, and transfers in were received from the bar operation with a cost of $82. Determine the net cost of sales.