The income statement for the year 2021 of Buffalo Co contains the following information:
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Expenses:
Revenues
$71000
Salaries and Wages Expense
$43500
Rent Expense
12500
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Advertising Expense
10400
Supplies Expense
5800
2500
Utilities Expense
Insurance Expeme
1800
Total expenses
76500
Net income (loss)
$(5500)
At January 1, 2021, Buffalo reported retained earnings of $50500. Dividends for the year totalled $10600. At December 31, 2021, the
company will report retained earnings of
$23400
$34400
$45000
$39900
