3. If this company started the year with retained earnings of $480,788 and paid dividends of $27,000, how much Net Income did the company have this year? $________________

Analysts for TG Company were given the following balance sheet for the year ending 12/31/2014. 2014 $33,411 423,819 41,251 Assets Cash and marketable securities Accounts receivable Inventory Other current assets Total current assets Plant and equipment Less: Accumulated depreciation Net plant and equipment Goodwill and other assets Total assets Liabilities and Equity Accounts payable and accruals Notes payable Accrued income taxes Total current liabilities Long-term debt Total liabilities 1,931,719 (419,044) $1,512,675 382,145 2014 $378,236 14,487 21,125 679,981 $1,093,829 10,000 975,465 587,546 Common stock (10,000 shares) Additional paid-in capital Retained earnings Less: Treasury stock Total equity Total liabilities and equity $2,653,506