Jem's Jewelers reported the following items on its financial ...

[abern]

Jem's Jewelers reported the following items on its financial statements. Determine the amount of net income. Then calculate the ending balance for retained earnings.
 
  Sales  250,000
   Cost of goods sold 57,500
   Operating expenses 25,000
   Net income ??
   Dividends 4,000
   Beginning retained earnings 55,500

Question 2

The section of Sarbanes Oxley that requires a company's CEO and CFO to certify quarterly and annual reports is:
 a. Title I  Public Company Accounting Oversight Board
  b. Title II  Auditor Independence
  c. Title III  Corporate Responsibility
  d. Title IV  Enhanced Financial Disclosures

[blazinlyss]

Answer to Question 1

250,000  57,500  25,000 = 167,500 net income

Beginning retained earnings  55,500
Net income 167,500
Dividends (4,000)
Ending retained earnings 219,000

Answer to Question 2

C

[abern]

Thanks for the timely response, appreciate it

[dawsa925]

YES! Correct, THANKS for helping me on my review