Income and retained earnings relationships: Assume that retained earnings increased by $375,000 from December 31, 2008 to December 31, 2009, for jarvie Distribution Corporation. During the year, a cash dividend of $135,000 was paid.

1. Compute the net income for the year
2. Assume that the revenues for the year were $830,000. Compute the expenses incurred for the year."

510

To compute the net income for the year, we can start by using the relationship between retained earnings, net income, and dividends.

1. Net Income = Retained Earnings Increase + Dividends
Net Income = $375,000 + $135,000
Net Income = $510,000

Therefore, the net income for the year is $510,000.

To compute the expenses incurred for the year, we can use the relationship between net income and revenues.

2. Expenses = Revenues - Net Income
Expenses = $830,000 - $510,000
Expenses = $320,000

Therefore, the expenses incurred for the year amount to $320,000.