Use the following to answer questions 12-16:

The following cash flow information has been provided by Teresa Co. for the current year. The cash balance is as of the date indicated, the rest are for the entire year:

1/1/2014 Cash in bank and on hand $399,000 2014 Cash inflows from customers $4,588,500 2014 Cash outflows to employees, suppliers, etc. ($3,441,375) 2014 Cash outflow to pay dividends to stockholders ($678,300) 2014 Cash outflow to acquire equipment ($359,100) 2014 Cash inflow from sale of common stock $598,500

In addition, Teresa Co. also reports the following account balances:

01/01/14 12/31/14 Cash $399,000 ???? Accounts Receivable $638,400 $630,000 Inventory $877,800 $900,000 Rent Receivable $9,177 $9,000 Supplies $1,995 $1,500 Accounts payable $702,240 $700,000 Dividends payable $50,873 $63,250 Accumulated Depreciation $2,274,300 $2,653,350 Property, Plant and Equipment $3,790,500 $4,149,600

12. (6 points) What is the total value of owner's equity at the beginning of the year? Assume that all of Teresa Co.'s account balances have been given. (AC 7)

13. (8 points) What are total revenues for the current year? (AC 21)

14. (24 points) What are total expenses for the current year? (AC 21)

15. (6 points) What is net income (NI) for the current year? (AC 7 & 21)

16. (15 points) What is the total value of owner's equity at the end of the current year? (AC 7)