Several accounts and amounts from the financial statements of Fig Computers Co. (FCC) appear below for the year ending December 31, 2015.

Cash$10,000 Sales Revenue $140,000

Cost of goods sold60,000Inventory21,000

Taxes Payable31,000Selling & Adm Expense7,000

Accounts Receivable32,000Dividendsdeclared &paid42,000

Equipment150,000Accounts Payable9,000

Utilities expenses3,000Retained Earnings, Jan. 1, 1540,000

Allowance for bad debt4,000Income Tax Expense2,000

Prepaid Insurance expenses2,000Unearned revenues3,500

Bad Debt Expense1,500Accumulated Depreciation12,000

Required: Answer the following questions about Fig Computers Co.

1. Calculate net income for FCC for the year ended Dec. 31, 2015. Determine the retained earnings at the end of 2015.

1. Determine the total current assets as of Dec. 31, 2015.