Question 10 The following items are taken from the financial statements of Cullumber Company for 2022: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Common stock Depreciation expense Dividends Equipment Insurance expense Notes payable Prepaid insurance Rent expense Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Service revenue Supplies Supplies expense $11,300 11,200 37,600 20,000 14,200 89,000 11,600 15,700 220,000 2,100 61,500 6,300 17,900 25,500 34,200 3,300 134,000 3,800 5,200 Calculate the net income. Net income 43000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT (b) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2022. Retained Earnings $