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Help, I give thumbs up if right. Fill in all the tables Bennett Griffin and Chula Garza organlzed Cole Valley Book Store as a corporation;

Help, I give thumbs up if right. Fill in all the tablesimage text in transcribedimage text in transcribed

Bennett Griffin and Chula Garza organlzed Cole Valley Book Store as a corporation; each contributed $70,600 cash to start the ousiness and recelved 5,400 shares of common stock. The store completed its first year of operations on December 31 , current year. On that date, the following financlal Items for the year were determined: December 31, current year, cash on hand and In the bank, $69,850; December 31 , current year, amounts due from customers from sales of books, $43,000; unused portion of store and office equipment, $78,500; December 31 , current year, amounts owed to publishers for books purchased, $12,300; one-year note payable to local bank for $3,600. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some Information has been given below. 2. What was the amount of net Income for the year? (Hint: Use the retalned earnIngs equation [Beginning Retained Earnings + Net Income - Dividends = Ending Retalned Earnings] to solve for net Income.) Complete this question by entering your answers in the tabs 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.)

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