Following is a list of account balances (except for Retained Earnings) of Wilson Mowing as of December 31 of the first year of operation: Accounts receivable $ 1,500, Accounts payable 500, Salary expense 4,500, Repairs expense 800, Truck 8,500, Equipment 6,300, Notes payable 8,200, Cash 6,800, Supplies expense 1,600, Service revenue 31,900, Gasoline expense 3,800, Salary payable 200, Common Stock 2,000

The company paid dividends of $9,000 during the year. Show your work and answering the following questions:

a) At the end of the year, what is the amount of total assets?

b) At the end of the year, what is the amount of total liabilities?

c) At the end of the year, what is Net Income?

d) Use the accounting equation to figure the amount of total Retained Earnings at the end of the year?

e) What is the formula for figuring the ending amount of Retained Earnings that would appear on the Statement of Retained Earnings. Plug in the amounts to prove your answer to d) above.