[1 - 5 Completing a Balance Sheet and Inferring Net Income* Carlos Ramirez and Camila Garza organized New World Book Store as a corporation ; each contributed $80 , 000 cash to start the business and received 4, 000 shares of common stock . The store completed its first year of operations on December 31 , 2014 . On that date , the following* financial items for the year were determined : December 31 , 2014 , cash on hand and in the bank , $75 , GOD; December 31 , 2014 , amounts due from customers from sales of books , $34, 000 ; unused portion of store and office Equipment , $73, 000; December 31 , 2014 , amounts owed to publishers for books purchased , $12, OND; one - year note payable to a local bank for $3, 000 . No dividends* were declared or paid to the stockholders during the Year . 1 . Complete the following balance sheet as of the end of 2014 2. What was the amount of net income for the year ? ( Flint : IT'SE the retained earnings* equation [ Beginning Retained Earnings* Net Income - Dividends = Ending Retained Earnings ] to solve for net income . ] Assets Liabilities* Cash Accounts payable* Accounts receivable* Note payable* Store and office equipment Interest payable* 30.0 Total liabilities Stockholders' Equity Common stock Retained earnings* 12. 30.0 Total stockholders " equity Total assets Total liabilities and stockholders " equity