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1. Use the following information for questions 1 and 2: The Boxer Company was started by a group of investors on January 1, 20x0 when the balance sheet was made up of total assets of S10,000 and total liabilities of $2,000. Purtial financial data for the first year of operations is as follows: 20x0 Total assets (12/31) $20,000 Total liabilities (12/31) 5,000 Additional investments by owners 4,000 Cash dividends declared and paid 3,000 What was the net income (loss) for the year 2030? A. $6,000 B. $5,000 C. $4,000 D. $2,000 E. $1.000 2. What was the 12/31/20X0 retained earings balance (deficit) A. ($2,000) B ($1,000) C. $2,000 D. $3,000 E. $4,000 3. Determine payments for the period if purchases are $58,000, beginning accounts payable are $29,000, and ending accounts payable are $34,000. A. $5,000 B. $24,000 C. $29,000 D. $53,000 E. 563,000 4. Determine credit sales for the period if ending accounts receivable are $14,000, beginning accounts receivable are $8,000, and collections are $200,000 A. $214,000 B. 208,000 C. $206,000 D. $194,000 E. $186,000 Use the following information for questions 5 and 6: 11X6 12/31/X6 Unearned rent revenue $2,000 $ 2,400 Rent payable $3,400 $ 3,200 Rent receivable $5,000 $ 5,200 Prepaid rent $4,400 $ 4,300 Rent expense $ 58,000 Rent revenue $ 90,000 5. How much cash was received for rent during the year? A. $89,600 B. $89,800 C. $89,900 D. 590,100 $90,200 6. How much cash was paid for rent during the year? A. $57,600 B. $57,800 C. $57,900 D. $58,100 E. $58,200 E