At the beginning of the year, Acme Parking Services had the following balance sheet:

a. At the end of the year, Acme Parking Services had the following assets and liabilities: Cash, \$9, 200; Accounts Receivable, \(\$ 18,400\); Land, \(\$ 62,500\); and Accounts Payable, \(\$ 11,750\). Prepare a year-end balance sheet for Luxury Parking Services assuming that no additional stock was issued.

b. Assuming that stockholders did not invest any money in the business during the year but received a \(\$ 12,000\) dividend, what was the company's net income or net loss for the year?

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Assets Liabilities Cash... $6,400 Accounts payable. $16,500 Accounts receivable Land.... 18,700 62,500 Stockholders' Equity Common stock..... 63,000 Retained earnings 8,100 Total Liabilities and Total Assets $87,600 Stockholders' Equity.. $87,600