Question

Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 $15,000 Sales revenue Operating expenses: Cost of goods sold 5,000 Depreciation 400 960 3,400 Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense Net income 9,700 5, 300 2,120 s 3,188 Balance Sheet Information ( in thousands) Dec. 31,2018 Dec. 31, 2017 Assets: Cash Accounts receivable Inventory Prepaid insurance Plant and equipment $ 620 830 810 130 3,2e0 (1.160 $ 4,430 $ 360 990 760 35 2,600 760 3,985 Less: Accumulated depreciation Total assets Liabilities and Shareholders Equity: Accounts payable Payables for administrative and other expenses Income taxes payable s 380 380 360 $520 560 310

Answer 1

Calculation:
Retained Earnings, Dec 31, 2018 = Retained Earnings, Dec 31, 2017 + Net Income - Dividend Paid
$830 = $685 + $3,180 - Dividend Paid
Dividend Paid = $3,035