Use the following information to calculate for the year ended December 31, 20XX (a) net income (net loss), (b) ending retained earnings, and (c) total assets.

Supplies $ 1,000 Revenues $23,000

Operating expenses 12,000 Cash 15,000

Accounts payable 9,000 Dividends 1,000

Accounts receivable 3,000 Notes payable 1,000

Beginning Retained Earnings 5,000 Equipment 6,000