Question 1 (20%) The following items are taken from the financial statements of Trump Company for 2017 Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Common stock Depreciation expense Dividends Equipment Insurance expense Notes payable (due 2020) Prepaid insurance Rent expense Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Service revenue Supplies Supplies expense $ 10,000 11,000 38,000 21,000 14,000 90,000 12,000 15,000 210,000 3,000 70,000 6,000 17,000 12,000 34,000 3,000 130,000 4,000 6,000 Instructions: (a) Calculate the net income. (b) Calculate the retained earnings balance that would appear on a balance sheet at December (c) Prepare a classified balance sheet for Tracy Company at December 31, 2017 assuming the (d) Compute the current ratio, debt to assets ratio, and earnings per share value. The average 31, 2017 note payable is a long-term liability number of shares outstanding for 2017 was 10,000