Under assets, supplies, liabilities, stockholder equity you've to choose either cash, accounts payable, land, or common stock. For question B - b. The firm declared and paid a cash dividend of $7,500 in December 2015. Compute its net income for 2015. $

Constructing Balance Sheets and Determining Income Following is balance sheet information for Lynch Services at the end of 2014 and 2015. December 31, December 31, 2015 2014 Accounts Payable Cash $13,500 51,750 94,500 90,000 Accounts Receivable Land 562,500 Building Equipment Mortgage Payable Supplies Common Stock $20,250 45,000 74,250 90,000 585,000 101,250 225,000 40,500 495,000 96,750 202,500 45,000 495,000 Retained Earnings ? ? a. Prepare balance sheets at December 31 of each year. LYNCH SERVICES BALANCE SHEETS December 31 2015 2014 Assets $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 Accounts Receivable Supplies Cash Building Equipment Total Assets Liabilities Accounts Payable Mortgage Payable Total Liabilities Stockholders' Equity $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0 0 0 $ 0 b. The firm declared and paid a cash dividend of $7,500 in December 2015. Compute its net income for 2015