Use the information from Shane and Lane, Inc., for the year ended December 31, 2011, to answer the questions that follow. Assume that the shareholders made new contributions of $25 to the company during the year.
a. Expenses for the year ended December 31, 2011 = $625
b. Net income for the year ended December 31, 2011 = $415
c. Beginning balance (December 31, 2010, balance) in retained earnings = $215
d. Ending balance (December 31, 2011, balance) in retained earnings = $500
e. Total liabilities and shareholders’ equity at December 31, 2011 = $875
f. Beginning balance (December 31, 2010, balance) in total liabilities = $260
g. Ending balance (December 31, 2011, balance) in total liabilities = $275

Requirements
1. What were the company’s total revenues during the year ended December 31, 2011?
2. What was the amount of the dividends declared during the year ended December 31, 2011?
3. What is the total that owners had invested in Shane and Lane as of December 31, 2011?
4. What were total assets on the company’s December 31, 2011, balance sheet?