Coates Inc. experienced the following events in Year 1, its first year of operation:

Received $20,000 cash from the issue of common stock.

Performed services on account for $38,000.

Paid the utility expense of $2,500.

Collected $21,000 of the accounts receivable.

Recorded $15,000 of accrued salaries at the end of the year.

Paid a $2,000 cash dividend to the shareholders.

What is the amount of Total Assets that would appear on Coates' Balance Sheet?

What is the balance in the Salaries Payable account at the end of Year 1?

What is the balance in the Retained Earnings account after closing Year 1?

How much Net Income would be reported for Year 1?