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These questions are based on the following information compiled for our company at the end...

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Accounting

These questions are based on the following information compiled for our company at the end of the current year:

Cash $2,000
Accounts receivable $2,500
Equipment $200
Vehicle $4,000
Accounts payable $1,350
Unearned revenue $700
Common stock $1,000
Retained earnings $3,950 (Balance as of January 1 of the current year)
Dividends $500
Service revenue $4,500
Salaries expense $1,500
Rent expense $300
Advertising expense $500

Calculate the dollar amount for net income on our current years income statement (December 31).

a) 1700 b) 2200 c) 2700 d) 4200

Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31).

a) 5150 b) 6150 c) 5650 d) 7650

Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31).

a) 8700 b) 9700 c) 10700 d) 13200

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