1. Identify the account types and amounts that have a normal debit balance. What is the total?

2. Identify the account types and amounts that have a normal credit balance. What is the total?

3. Compute Net Income for 2019 based on the amounts in the description. Show your work for partial credit

4. Compute Retained Earnings as of 12/31/2019 based on amounts in the description. Show your work for partial credit.

5. Based on your answer to question #4, compute the total of Liabilities and Equity as of 12/31/2019. Show your work for partial credit.

Account Type Date Amount Assets As of 12/31/2019 $ $ 450,000 Liabilities $ 240,000 Retained Earnings $ 160,000 Dividends As of 12/31/2019 As of 1/1/2019 For the year of 2019 For the year of 2019 For the year of 2019 $ 54,000 Revenue $ 200,000 Expenses $ $ 96,000