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Use the Following Information to Calculate At,or for the Year

Question 162

Essay

Use the following information to calculate at,or for the year ended,December 31,2010 (a)net income,(b)retained earnings,(c)total liabilities and stockholders' equity,and (d)accounts receivable.
 Supplies $1,000 Cash $32,000 Wages Expense 14,000 Dividends 16,000 Accounts Payable 22,000 Notes Payable 4,000 Retained Earnings, December 31, 8,000 Patents 7,0002009 Retained Earnings,  December 31, 2010?Accounts Receivable  ?  Rent Expense 6,000 Common Stock 20,000Commissions Earned 30,000\begin{array}{lrlr}\text { Supplies } & \$ 1,000 & \text { Cash } & \$ 32,000 \\ \text { Wages Expense } & 14,000 & \text { Dividends } & 16,000 \\ \text { Accounts Payable } & 22,000 & \text { Notes Payable } & 4,000 \\ \text { Retained Earnings, December 31, } & 8,000 & \text { Patents } & 7,000 \\2009\\& & \begin{array}{l}\text { Retained Earnings, } \\\text { December 31, } 2010\end{array} &? \\ \text {Accounts Receivable } & \text { ? } & & \\ \text { Rent Expense } & 6,000 & \text { Common Stock } & 20,000 \\ \text {Commissions Earned } & 30,000 & & \\\end{array}

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a.$30,000 - $6,000 - $14,000 =...

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