Manahan Corporation received its August 31 bank statement showing total funds on deposit of $288,090.09. This amount was $149,158.22 in excess of the balance in the general ledger Cash account. Additional information consists of the following:

I-01.06 Winterbotham Corporation provided the following listing of financial statement elements and their respective balances. The periodic amounts relate to the year ending December 31, 20X5, and the point-in-time amounts reflect balances as of December 31, 20X5, unless otherwise implied. Unfortunately, the company has been unable to locate its listing of assets; but, all other information is incomplete, although in disarray. Capital stock $250,000 Wage expense 40000 Revenue 80000 Rent expense 22000 Beginning retained earnings 89000 Utilities expense 11000 Accounts payable 12500 Dividends 2500 Notes payable 50000 (a) Determine Winterbotham's net income for the year ending December 31, 20X5. (b) How much are total assets of the company, as of December 31, 20X5? (c) If you were told that assets included an accounts receivable of $5,000 for services provided during 20X5, and that such transactions had been excluded in calculating the given "revenue" amount, how would this influence your answer to part (a) above? 1 I-01.06 (a) Revenue $ $41,000.00 (b) Zero (c) It would change the net income to $46,000 2 80,000 I-01.06 3