19 Rushmore Company provided services for $36,000 cash during Year 1. Rushmore incurred $26,000 of operating expenses on account during Year 1, and by the end of the year, $10,000 of that amount had been paid with cash. If these are the only accounting events that affected Rushmore during Year 1, which of the following statements is true? 02:20:28 Multiple Choice Print The amount of net income shown on the income statement is $16,000. The amount of net loss shown on the income statement is $10,000. The amount of net cash flow from operating activities shown on the statement of cash flows is $20,000. O The amount of net income shown on the income statement is $10,000. 5 Knoll Company started Year 2 with a $1,000 balance in its Cash account, a $200 balance in its Supplies account and a $1,200 balance in its common stock account. During Year 2, the company experienced the following events: (1) Paid $600 cash to purchase supplies. (2) Physical count revealed $50 of supplies on hand at the end of Year 2. 02:20:21 Based on this information the amount of supplies expense reported on the Year 2 income statement is Print Multiple Choice $600 $850 O $750 O $800 Screenshot saved 10 At the end of Year 2, retained earnings for the Baker Company was $2,450. Revenue earned by the company in Year 2 was $2,700, expenses paid during the period were $1,450, and dividends paid during the period were $850. Based on this information alone, what was the amount of retained earnings at the beginning of Year 2? 02:20:18 Multiple Choice Print $2,850 $5,400 $2,050 $1,200