Dubai Hardware Stores Co. (DHSC) reported the following accounts as of Dec. 31, 2019.

Cash$10,000 Sales Revenue$110,000

Cost of goods sold42,000Inventory21,000

Bad Debt Expense1,500Selling & Adm Expense7,000

Accounts Receivable32,000Dividendsdeclared &paid22,000

Furniture & Fixtures150,000Accumulated Depreciation9,000

Retained Earnings, Jan. 1, 1940,000Accounts Payable 12,000

Allowance for bad debt2,500VAT Tax Expense5,200

Prepaid Insurance expenses2,000Unearned (Deferred) Revenues3,500

Required: Answer the following questions about DHSC

1. Calculate Net Income for DHSC for the year ended Dec. 31, 2019. Determine the Retained Earnings at the end of 2019.
2. Determine DHSC Total Current Liabilities as of Dec. 31, 2019.