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1. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: Accounts payable $ 39,000

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1. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: Accounts payable $ 39,000 Accounts receivable 21,000 Accumulated depreciation - equipment 28,000 Advertising expense 21,000 Cash 11,000 Common stock 40,000 Depreciation expense 12,000 Dividends 114,000 Insurance expense 3,000 Note payable, due 6/30/14 70,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/13) 65,000 Salaries and wages expense 32.000 Service revenue 225,000 Supplies 4,000 Supplies expense 16,000 Equipment 210,000 PREPARE THE 3 FINANCIAL STATEMENTS AND ANSWER THE FOLLOWING: a. What is the company's net income for the year ending Dec. 31, 2013? b.What is the balance that would be reported for Stockholder's Equity at Dec. 31? c. What are the total current assets? d. What is the book value of the equipment at Dec. 31, 2013? e. What are the total current liabilities? f. What are the total liabilities and stockholder's equity at Dec. 31

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