2. beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are…

2. beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. how much is the net income or loss for the company?

2. beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. how much is the net income or loss for the company?

Answer

Explanation:

Step1: Recall net - income formula

Net income = Sales - Expenses

Step2: Substitute values

Net income = $29,500 - 33,000$ Net income = -$3,500$

Answer:

The company has a net loss of $3,500$.