2. Meredith Corporation is in the business of providing dog and cat grooming services to customers within the city of New York. The following information concerning financial activities during 2016 is available at December 31, 2016: Grooming revenue Dividends declared and paid Equipment Accounts payable Capital stock Utilities expense Cash $130,000 Salary and wage expense $44,000 13,000 Rent expense 24,000 40,000 Furniture 60,000 30,000 Accounts receivable 23,000 22,000 Retained earnings, Jan. 1,2016 21,000 10,000 Notes payable 88,000 33,000 Income tax expense 7,000 A. Calculate net income for 2016. B. Prepare a statement of retained earnings for the year ended December 31, 2016. C. What information can you derive from the statement of retained earnings concerning this + company? Explain. ANSWER: A. B. Meredith Corporation Statement of Retained Earnings For the Year Ended December 31, 2016