SANDHILL CO. Balance Sheet Assets Cash $29,100 Supplies (a) Equipment (net) 61,000 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities $23,900 Notes payable Stockholders' Equity Common stock 36,600 Retained earnings (c) Total liabilities and stockholders' equity (d) SANDHILL CO. Income Statement Revenues $58,000 Depreciation expense 11900 (e) Salaries and wages expense Interest expense 12,100 1,600 $25,600 Net income SANDHILL CO. Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income (g) Less: Dividends Ending retained earnings 5,100 $36,400