3. Madame Company provided the following data for the current year: Retained Earnings, January 1 Dividends declared duri

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3 Madame Company Provided The Following Data For The Current Year Retained Earnings January 1 Dividends Declared Duri 1 (857.18 KiB) Viewed 10 times

3. Madame Company provided the following data for the current year: Retained Earnings, January 1 Dividends declared during the year Sales. Dividend Income Inventory, January 1 Purchases Salaries Delivery Expenses Miscellaneous expenses Doubtful Accounts Expense Depreciation Expense Loss on Sale of Securities Income Tax Expense P 3,000,000 1,000,000 8,350,000 100,000 1,040,000 3,720,000 1,540,000 205,000 125,000 10,000 85,000 40,000 735,000 a. What is the amount of cost of sales? b. How much is the net income for the year? c. What is the balance of retained earnings on December 31?