Required: 1. Complete the balance sheet at December 31, 2017: 9 Answer Is not complete. Assets Liabilities Cash 0 5 52 ,450 0 Accounts payable 0 5 10,700 0 Accounts receivable o 32 3'50 0 Note payable 0 0,900 a Property and equipment 0 68,250 0 Total liabilities 1?,600 5 hareholders' equity 120,050 a 102,450 a Total shareholders' equity 222,500 Total assets Total liabilities & shareholders' equity 3 240,100 2. Using the retained earnings equation and an opening balance of $0. work backward to compute the amount of net income for the year ended December 31, 2017. 9 Answer Is complete but not entirely correct. 3. As of December 31, 2017, did most of the nancing for assets come from creditors or shareholders? Shareholders o Creditors 4. Assuming that Reader Direct generates net income of $4,575 and pays dividends of $2,450 in 2018. what would be the company's ending Retained Earnings balance at December 31. 2018'? 9 Answer Is complete but not entirely correct. Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $60,025 cash to start the business and received 4,900 shares. The store completed its rst year of operations on December 31, 2017'. On that date, the following nancial items for the year were determined: cash on hand and in the bank, $52,450; amounts due from customers from sales of books, $32,750; property and equipment, $68,260; amounts owed to publishers for books purchased, $10,700; one-year note payable to a local bank for $6,900. No dividends were declared or paid to the shareholders during the year