Valmont Inc. experienced the following events in 2014, its first year of operation:
1.	Received $55,000 cash from the issue of common stock.
2.	Performed services on account for $77,000.
3.	Paid a $5,500 cash dividend to the stockholders.
4.	Collected $61,000 of the accounts receivable.
5.	Paid $55,000 cash for other operating expenses.
6.	Performed services for $16,500 cash.
7.	Recognized $2,500 of accrued utilities expense at the end of the year.

A.Determine the amount of net income reported on the 2014 income statement.

B.Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2014 statement of cash flows.

C.What is the balance of the retained earnings account that appears on the 2014 balance sheet?