The following information appears in the records of Boco Corporation at year$-$end:

Accounts Receivable $$23,000$ Retained Earnings $ $?$

Accounts Payable $15,000$ Supplies $12,000$

Cash $8,000$ Equipment, net $138,000$

Common Stock $110,000$

a$.$ Calculate the amount of retained earnings at year$-$end.

$Answer

b$.$ If the amount of retained earnings at the beginning of the year was $$30,000,$ and $$12,000$ in dividends is paid during the year, calculate net income for the year.

$Answer