ABC Corporation was formed at the beginning of 2020, and presents the following incomplete financial statements for two years. Compute and provide all of the missing values for each year. Begin by solving the unknowns in the 2020 year, and work forward to subsequent years. Remember that 2020 is the first year of business, so ABC begins with a zero balance in 2020 beginning retained earnings.

	2021		2020
Revenues
Services to customers		$		$120,000
Expenses
Wages	$100,000		$
Interest	4,000		4,300
Net Income		$		$

	2021	2020
Beginning Retained Earnings	$	$
Net Income	36,000
Subtotal	$	$ 30,000
Dividends
Ending Retained Earnings	$	$

	2021		2020
Assets
Cash		$		$ 45,000
Accounts Receivable		50,000
Land		150,000		150,000
Total Assets		$230,000		$
Liabilities
Interest Payable	$ 1,000		$ 1,300
Loan Payable
Total Liabilities		$ 91,000		$
Stockholders Equity
Capital Stock	$		$140,000
Retained Earnings	25,000
Total Stockholders Equity		$		$150,000
Total Liabilities and Equity		$		$250,000

Compute the net income for 2020.

		$30,000=(30,000-0)
		$10,000=(150,000-140,000)
		$50,000 150,000-100,000
		$20,000=(30,000-10,000)