Questions:

1. What is Net Income

2. what is total assets

3. what is end of the year retained earnings ACCOUNT cash accounts receivable inventory ppe accumulated depreciation accounts payable salary payable long-term note payable* dividends common stock retained earnings sales cogs salaries expense rent expense interest expense income tax expense TOTAL debit 53,700 17,000 30,000 120,000 100,000 145,000 85,000 42,000 3,500 15645 611,845 * $10,000 due within 1 year or less credit 32,000 25,000 8,000 50,000 50,000 96,845 350,000 611,845

\begin{tabular}{|l|r|r|} \hline ACCONT & \multicolumn{1}{|c|}{ debit } & \multicolumn{1}{c|}{ credit } \\ \hline cash & 53,700 & \\ \hline accounts receivable & 17,000 & \\ \hline inventory & 30,000 & \\ \hline ppe & 120,000 & \\ \hline accumulated depreciation & & 32,000 \\ \hline accounts payable & & 25,000 \\ \hline salary payable & & 8,000 \\ \hline long-term note payable & & 50,000 \\ \hline dividends & 100,000 & \\ \hline Common stock & & 50,000 \\ \hline retained earnings & & 96,845 \\ \hline sales & & 350,000 \\ \hline cogs & 145,000 & \\ \hline salaries expense & 85,000 & \\ \hline rent expense & 42,000 & \\ \hline interest expense & 3,500 & \\ \hline income tax expense & 15645 & \\ \hline TOTAL & 611,845 & 611,845 \\ \hline & & \\ \hline * \$10,000 due within 1 year or less & \\ \hline \end{tabular}