The following items are taken from an adjusted trial balance ( assume normal balances ) of the Dinkel Compnay for the year ending December 31st, 2016. Answer the following questions...

Accounts Payable 22,000

Accounts Recievable 9,000

Accumilated depreciation- equipment 26,000

Advertising expense 19,000

Cash 16,000

Common stock 55,000

Dividends 15,000

Depreciation expense 11,000

Equipment 230,000

Insurance expense 3,500

Notes Payable due 12/31/18 80,000

Pre paid insurance 6 month policy 5,000

rent expense 18,000

retained earnings 62,000

salaries expense 30,000

service revenue 125,000

supplies 3,000

supplies expense 5,500

patent 20,000

wages payable 15,000

Questions

1. What is the net income for the year?

2. What is ending retained earnings 12-31-2016?

3. What are the total current assets?

4. What is the book value of equipment?

5. What type of asset is the patent account?

6. What are total assets?

7. What are total current liabilities?

8. What are total long term liabilities?

9. What are total liabilities?

10. What is ending stickholer equity 12-31-16?

Final Question- Prepare a classified balance sheet in proper format.