Unifying Concepts: Analysis of Accounts The bookkeeper for Davey James Company accidentally pressed the wrong computer key and erased the amount of Retained Earnings. You have been asked to analyze the following data and provide some key numbers for the board of directors meeting, which is to take place in 30 minutes. With the exception of Retained Earnings, the following account balances are available at December 31, 2009.

Required:
1. Compute the amount of total assets at December 31, 2009.
2. Compute the amount of net income for the year ended December 31, 2009.
3. After all closing entries are made, what is the amount of Retained Earnings at December 31, 2009?
4. What was the beginning Retained Earnings balance at January 1, 2009?

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Cash Furniture (net) Accounts Payable Land Buildings (net) $ 61,000 40,000 Accounts Receivable Inventory 120,000 Notes Payable $ 49,000 160,000 250,000 260,000 Supplies on Hand 10,000 240,000 Capital Stock 300,000 Sales Revenue 415,000 Dividends 20,000 Salaries Expense 50,000 Retained Earnings ? Cost of Goods Sold 220,000