12) Retained earnings at the end of the year is calculated using: A) Common stock and dividends. B) Beginning retained earings, net income, and dividends. C) Stockholders' equity, net income, and dividends. D) Net income and dividends. 13) Which of the following accounts has a credit balance! A) Land. B) Accounts Payable C) Salaries Expense. D) Prepaid Rent 14) Emmitt had the following final balances after the first year of operations assets, S55.000; stockholders' equity, 525,000; dividends, 53.000, and met income, 510,000. What is the amount of Emmitt's liabilities? A) S55,000. B) $30,000. C) 57.000 D) $13,000 15) 15) A company receives a $50,000 cash deposit from a customer on October 15, but will not provide services until November 20. Which of the following statements is true? A) The company records cash collection on November 20. B) The company records nothing on October 15. C) The company records deferred revenue on October 15. D) The company records service revenue on October 15. 16) How many of the following transactions are operating activities? Borrow $50,000 from the bank. Purchase $12.000 in supplies. Provide services to customers for $27.000 Pay the utility bill of S750. Purchase a delivery truck for $12,000. Receive $25,000 from issuing common stock. A) One. B) Two. C) Three D) Four