Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $$71,200$ cash to start the

business and received $5,400$ shares of common stock. The store completed its first year of operations on December $31,$ current year.

On that date, the following financial items for the year were determined: December $31,$ current year, cash on hand and in the bank,

$$68,950$; December $31,$ current year, amounts due from customers from sales of books, $$41,500$; unused portion of store and office

equipment, $$74,000$; December $31,$ current year, amounts owed to publishers for books purchased, $$12,500$; one$-$year note payable to

a local bank for $$3,000.$ No dividends were declared or paid to the stockholders during the year.

Required:

Complete the following balance sheet as of the end of the current year. Some information has been given below.

What was the amount of net income for the year? $($Hint: Use the retained earnings equation $[$Beginning Retained Earnings $+$ Net

Income $-$ Dividends $=$ Ending Retained Earnings$]$ to solve for net income.$)$

Complete this question by entering your answers in the tabs below.

Complete the following balance sheet as of the end of the current year. Some information has been given below. Also Net Income.