The company had the following account balances at the end of December Accounts Dividends Supplies Service revenue Beginning Retained earnings Utilities expense Common stock Salaries expense Accounts payable Cash Equipment Balances $50,000 2,000 688,000 112,000 65,000 350,000 430,000 35,000 40,000 15. $ 16. $ 17. $ What were total expenses for the year? Calculate their net income for the year. Calculate their ending balance in Retained Earnings, What is their balance in stockholder's equity on 12/31. What is the balance of the Equipment account. 18. $ 19. $ Use the following to answer questions 20 - 22 Determine ending retained earnings for years 1, 2 and 3. At the beginning of year 1, the retained earnings had a $0 balance Year Dividends Net Income $35,000 89,000 Retained Earnings 20. 1 $10,000 25,000 21. 2 3 152.000 50,000 22 Focus Use the following to answer questions 23 - 28 The company provides food delivery services to construction sites. At the end of the year, the company reports the following amounts: Cash $42,000 Accounts payable $20,000 Salaries expense 200,000 Garage/Office 749,000 Salaries payable 15,000 Service revenue 952,000 Paper supplies used 12,000 Maintenance expense 45,000 Paper supplies 1,000 Food expense 500,000 Food trucks 250,000 Note payable 350,000 In addition, the company had common stock of $200,000 at the beginning of the year and issued an additional $100,000 of stock during the year. The company also had retained earnings of $312,000 at the beginning of the year and declared $150,000 in dividends during the year. 23. $ Determine Net Income 24.5 Determine ending Common Stock 25. S Determine ending Retained Earnings 26.5 Determine Total Assets 27 Total abilities 28.5 Determined Total Stockholders' Equity