1, A company has the following account balances as of June 30 of the current year. What is the net income for the month?

Cash	21,700		Common Stock	50,000
Accounts Receivable	11,500		Dividends	3,000
Supplies	2,500		Fees Earned	30,000
Prepaid Insurance	4,000		Salaries Expense	7,500
Equipment	45,000		Telephone Expense	1,500
Accounts Payable	21,000		Travel Expense	4,300

a. $16,700

b $63,700

c. $13,700

d. $24,000

2, During August, the Serrano's, Inc. received $15,000 from an investor in exchange for common stock, purchased supplies for $2,000 cash, paid rent for $1,000, and performed services for $4,000 on account. What is the balance in cash at the end of August?

a. $12,000

b. $16,000

c. $20,000

d. $15,000