1.

Ford Company Retained Earnings increased $20,000 during the year and the Company paid dividends of $4,000. What was the net income (loss) for the year?

		$24,000.
		$34,000.
		$(24,000).
		$4,000.
		Some other amount.

2.

UConn Company had beginning Retained Earnings of $8,000. During the year, total assets increased by $12,000 and total liabilities increased by $3,000. Net income was $9,000. How much was in Retained Earnings at the end of the year?

		$1,000.
		$3,000.
		$6,000.
		$17,000.
		$23,000.

3.

Missouri Magazine Publishing Company sells magazine subscriptions on an annual basis covering 12 issues. Subscriptions totaling $24,000 were sold in November, and the first magazines are delivered in December. The total amount collected was recorded in Unearned Magazine Revenues. The adjusting entry required at December 31 would include:

		a debit to Unearned Magazine Revenues for $22,000.
		a credit to Unearned Magazine Revenues for $22,000.
		a debit to Magazine Revenues for $2,000.
		a credit to Magazine Revenues for $2,000.
		a credit to Unearned Magazine Revenues for $2,000.