12) During the year 2009 a company paid cash for salaries amounting to $90,000. The year-end balances in the wages payable account were $22,000 at December 31, 2008 and $20,000 at December 31, 2009. Determine the amount of wage expense the company would report on its 2009 Income Statement: $92,000 $110,000 $88,000 . $90,000 13) Which of the following best describes the Retained Earnings account? the amount of cash the company has available for dividends the amount of assets not yet distributed to stockholders o profits earned by the company over its entire life, less the dividends distributed to stockholders. the profits earned by the company since it began operations. 14) Aggie Company experienced the following transactions during 2009: A. Issued Common Stock to investors in exchange for $5,000 cash. B. Provided $1,200 of services on account. C. Received $1,000 cash from customer for services to be performed over the next 3 months. D. Purchased $500 of supplies on account. E. Collected $900 of cash from accounts receivable. F. Paid $350 cash on accounts payable. G. Supplies of $200 were used during 2009. H. Completed 75% of the work for customer from transaction C above. 1. Paid monthly wages of $400 and utilities of $300. The amount of Net Income recognized on Aggie Company's 2009 Income Statement is: $350 . $1,050 . $1,600 . $1,950