1. Compute the missing information in each of the three independent cases

A. A/R Jan 1, year 2 $500 Sales on account for year 2 $1900 Collection of cash from customer $1350 A/R Dec 31, year 2 $------

B. Salaries payable Jan1, Year1 $1700 Salary expense for year 2 $---- Payments to salary employee during year 2 $725 Salaries payable Dec 31 $100

C. Retained Earnings Jan 1, year2 $1550 Net income for year 2, $400 Dividend declared and paid $------ RE Dec 31, year 2 $1350

2. Shareholders of Dragonflies have received $35,000 in dividends in the current year. At the end, the corporation has total assets of $500,000. Total liabilities equal $300,000 and contributed caital totaling $100,00. If Retained Earnings at the beginning of the year was $80,000, what was Dragonflies Net income for the year