1. During 2016, XYZ Corporation reported net income of $260 and paid dividends of $100. XYZ's December 31, 2015 statement of financial position reported the following items: common stock = $220, capital surplus = $180, retained earnings = $400. What is the value of the retained earnings account for the December 31, 2016 statement of financial position?
Select one: a. $500 b. $400 c. $160 d. $340 e. $560.
2. Based on the data below, with a collection period of 45 days what are cash collections in Q4? (format $xxx as needed, no cents)
Beginning A/R $335
a. Collection Period 45
b. Collection Period 60
c. Collection Period 30
Sales:
Q1 $545
Q2 $598
Q3 $575
Q4 $795