Determining Retained Earnings and Net Income Using the Balance Sheet The following information is reported for Kinney Corporation at the end of 2013.

Accounts Receivable	$46,000		Retained Earnings	$?
Accounts Payable	22,000		Supplies Inventory	18,000
Cash	16,000		Equipment	276,000
Common Stock	220,000

a. Compute the amount of retained earnings at the end of 2013. $Answer

b. If the amount of retained earnings at the beginning of 2013 was $60,000, and $24,000 in cash dividends were declared and paid during 2013, what was its net income for 2013? $Answer