Question 20 --/1 CoolBrands Ltd. has just completed its first year of operations. Presented below are the items from its Income Statement and Balance Sheet. No dividends were declared or paid for the year. Item Revenue Operating expenses Depreciation expenses Interest expenses Net income Cash Account receivable Inventory Prepaid rent Equipment Accumulated depreciation Total Assets Account payable Notes payable Shareholder's capital Retained earning's Total shareholders' equity Total Liabilities and shareholders' equity $ amount $37,000 31,000 2,000 1,000 A B 200 5,500 600 13,000 2,000 5,500 2,000 9,300 D E 19,800 Hint: It is not always best to start at the beginning and do things in alphabetical order. Use the information provided above to answer the following five multiple choice questions. Circle one response for each. What is the value of CoolBrands Ltd. Net income for 2020, Prepaid rent Equipment Accumulated depreciation Total Assets Account payable Notes payable Shareholder's capital Retained earning's Total shareholders' equity Total Liabilities and shareholders' equity 600 13,000 2,000 5,500 2,000 9,300 D E 19,800 Hint: It is not always best to start at the beginning and do things in alphabetical order. Use the information provided above to answer the following five multiple choice questions. Circle one response for each. What is the value of CoolBrands Ltd. Net income for 2020, A: $30,000 $2,000 $3,000 $70,000 Question 21 -- / 1 What is the value of CoolBrands Ltd. Total assets C 1 $17,300 2 $21,800 3 $19,800 4 $20,300 Question 22 -- / 1 What is the value of CoolBrands Ltd. Cash B: 1 $3,000 2 $4,700 3 $2,500 4 $7,000 Question 23 -- / 1 What is the value of CoolBrands Ltd. Total share holder's equity E: 1 9,300 2 None of the above 0 3 4 12,300 Question 24 -- / 1 What is the value of CoolBrands Ltd. Retained earnings D: 1 $3,000 2 $7,000 3 $4,700 4 $2,500 Question 25 -- / 1 Cool Tours had beginning retained earnings of $72,000; revenues of $90,000, expenses of $65,000, and dividends of $9,000. Calculate the retained earnings end. 1 $97,000. 2 $38,000. 3 $88,000. 4 $25,000