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Using the information below to answer question 1-3. CSU Corporation began operations on January 1, 2017. The following information is available for CSU on December
Using the information below to answer question 1-3. CSU Corporation began operations on January 1, 2017. The following information is available for CSU on December 31, 2017: Accounts receivable 1,800 Retained earnings? Supplies expense 200 Accounts payable 2,000 16,000 Equipment Cash 1,400 9,000 Insurance expense 1,000 Rent expense 600 Dividends Notes payable 5,000 17,000 Service revenue Common stock 10,000 4,000 Supplies Q1. What is the amount of net income for the year ended December 31th, 2017? A. $6600 B. S7800 C. S6800 D. $5800 Q2. What is the amount of retained earnings for the year ended December 31th, 2017? A. $7400 B. S6200 C. $6800 D. None of the above Q3. What is the amount of total asset and total liabilities at December 31th, 2017? A. Total asset: $23,200, total liabilities: $7,000 B. Total asset: $18,200, total liabilities: $7,000 C. Total asset: $23,200, total liabilities: $6,800 D. None of the above
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