(TCOs B and D) The following items are taken from the financial statements of Butler Company for 2012: Accounts Receivable $20,000 Cost of Goods Sold 95,000 Utilities Expense 3,500 Accounts Payable 7,000 Common Stock 100,000 Rent Expense 5,500 Advertising Expense 9,000 Dividends 10,000 Insurance Expense 2,000 Note Payable (due 2014) 50,000 Depreciation Expense 10,000 Prepaid Insurance 18,000 Accumulated Depreciation 30,000 Retained Earnings (beginning) 33,000 Salaries Expense 40,000 Salaries Payable 4,500 Net sales 170,000 Supplies 3,000 Supplies Expense 2,500 Instructions (a) Calculate the net income. (18 points) (b) Calculate the balance of Retained Earnings that would appear on a Balance Sheet at December 31, 2012. (7 points) (c) Calculate the gross profit percentage. (5 points) (Points : 30)