The income statement for Highline Corporation is presented below:

Additional information for Highline's 2013 operations revealed that the company had beginning retained earnings of $65,000 for the year, $60,000 dividends were paid, and 10,000 shares of capital stock were outstanding. Based on this information, compute the items below.

Question

The income statement for Highline Corporation is presented below:
 
Additional information for Highline's 2013 operations revealed that the company had beginning retained earnings of $65,000 for the year, $60,000 dividends were paid, and 10,000 shares of capital stock were outstanding. Based on this information, compute the items below.

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The Answer of The income statement for Highline Corporation is presented below:
 
Additional information for Highline's 2013 operations revealed that the company had beginning retained earnings of $65,000 for the year, $60,000 dividends were paid, and 10,000 shares of capital stock were outstanding. Based on this information, compute the items below.

The Income Statement for Highline Corporation Is Presented Below