Question - Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000. The Fiscal Year 12/31/17 Balance Sheet showed the value of Retained Earnings to be $625,000. The following additional information was provided:
Depreciation Expense $380,000
Common Stock Dividends 200,000
Accounts Receivable increase 110,000
Accounts Payable increase 60,000
Use this information and determine Alpha Company's:
a. the Net Income (Net Loss) the 2017 Fiscal Year.
b. the beginning balance for Retained Earnings