a. calculate the net income for the year ended dec. 31, 2016

b. determine the retained earnings balance at end of year

c. prepare financial position

d. (extra question) prepare income statement from given data

AP3-31 (Calculate tatement of financial position) the adjusted trial balance data for Commerce Company on December 31, 2016. The accounts are arranged in alphabetical 70,000 Land Accounts payable 36,000 12,000 67,000 Long-Term Investment Accounts Receivable 13,000 Miscellaneous Expenses Accumulated Depreciation, Buildings 20,000 48,000 Mortgage payable Buildings 72.000 Notes Payable 15,000 Cash 24,000 Common Shares Prepaid Expenses 85,000 Cost of Goods Sold Retained Earnings 31,500 110,000 Depreciation Expense 4,500 Sales Revenue 179,800 Dividends Declared 12,400 Selling Expenses 27,000 Dividends Payable 4,000 Service Revenue 93,100 Income Tax Expense Supplies Income Tax Payable 2,000 Supplies Expense 2,200 Insurance Expense 1,400 Unearned Revenue 1,200 Interest Expense 1,700 Utilities Expense 2,400 Interest payable Wages Expense 60,000 Inventory 30,000 Wages Payable Required: a. Calculate the net income for the year ended December 31, 2016. b. Determine the Retained Earnings balance as at the end of the year. c. Prepare a classified statement of financial position as at December 31, 2016. The note payable is due in 6 months