#$11$ Make the followint balance sheet snd find the amlunt if net income for the yesr

Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $$71,200$ cash to start the business and received $4,300$ shares of common stock. The store completed its first year of operations on December $31,$ current year. On that date, the following financial items for the year were determined: December $31,$ current year, cash on hand and in the bank, $$68,450$; December $31,$ current year, amounts due from customers from sales of books, $$44,500$; unused portion of store and office equipment, $$74,000$; December $31,$ current year, amounts owed to publishers for books purchased, $$13,700$; one$-$year note payable to a local bank for $$3,600.$ No dividends were declared or paid to the stockholders during the year.

Required:

Complete the following balance sheet as of the end of the current year. Some information has been given below.

What was the amount of net income for the year? $($Hint: Use the retained earnings equation $[$Beginning Retained Earnings $+$ Net Income $-$ Dividends $=$ Ending Retained Earnings$]$ to solve for net incomey$)$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Complete the following balance sheet as of the end of the current year. Some information has been given below.

COLE VALLEY BOOK STORE

Balance Sheet

$\backslash$table$[[$Assets$,,$Liabilities,$],[$Cash$,,$Accounts payable,$],[$Accounts receivable,,Note payable,$],[$Store and office equipment,,Interest payable,$150],[,,$Total liabilities,$]]$

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