1) On July 1 of the current year, the assets and liabilities of Wong Industries, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. What is the amount of stockholders equity as of July 1 of the current year? A. $32,100 B. $43,700 C. $56,700 D. $65,400 2) If beginning retained earnings was $70,000, ending retained earnings was $48,000, and cash dividends in the amount of $21,000 were declared and paid, the amount of net income or net loss was A. net income of $42,000 B. net income of $17,000 C. net loss of $22,000 D. net loss of $1,000