For Questions 41-50, review the below information, prepare an Income Statement, Statement of Retained Earnings, and…

For Questions 41-50, review the below information, prepare an
Income Statement, Statement of Retained Earnings, and a Balance
Sheet, and answer questions posed. On March 1, 2019, Bern Madeoff
organized You Can Trust Me Tax Financial Solutions, Inc., a new
firm. On March 31, 2019, the company’s records showed the following
items and amounts: Cash $ 10,000 Cash Dividends $ 4,360 Accounts
Receivable 6,000 Consulting Fees Earned 15,000 Courier Expense
1,000 Office Supplies 4,250 Rent Expense 2,550 Land 50,000 Salaries
Expense 5,000 Office Equipment 14,000 Telephone Expense 660
Accounts Payable 3,500 Advertising Expense 680 Common Stock 80,000
Retained Earnings, March 1 0 NOTES: Beginning balance, March 1,
2019, Common Stock was $0. Bern owns 70% of the stock in You Can
Trust Me Tax Financial Solutions, Inc. Bern stated that his
personally owned car should be part of the business, The car has a
Fair Market Value of $25,000 Bern owes $8,000 to the IRS for his
personal taxes from last year. He is on an installment agreement
and is paying $450 a month to extinguish this liability
Question 1 How much in expenses are reported on the Income
Statement? Group of answer choices A) $5110 B) $9890 C) $6,000
questions #2 How much in Dividends are paid to shareholders?
A)3052 B)4360 C) 5110
question #3 What is the Change in Retained Earnings?
$5110
$750
4360