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Calculating Net Income - Sample Problems

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2. The following data were taken from Jamison Company financial statements:

Retained earnings, December 31, 2007 $30,000
Retained earnings, December 31, 2008 44,000
Dividends payable, December 31, 2007 450
Dividends payable, December 31, 2008 600
Dividends declared during 2008 2,125

a. Jamison's net income or loss for 2008 was $ -------

b. Jamison paid cash of $ --------------- in 2008 for dividends to its shareholders.

(Please show calculations).

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Solution helps in computing the net income and cash balance.

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a. Jamison's net income or loss for 2008 was $ -------
= Retained earnings ...

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