1. Temple Square Inc. reported that its retained earnings for 2015 were $690,000. In its 2016 financial statements, it reported $80,000 of dividends distributed to shareholders, and it ended 2016 with $550,000 of retained earnings. How much was net income during 2016?
2. Which of the following items can be found on a firm’s balance sheet under current liabilities? Accounts receivable. Depreciation. Accounts payable. Cash. Marketable securities.