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These questions are based on the following information compiled for our company at the end of the current year:
| Cash | $2,000 |
| Accounts receivable | $2,500 |
| Equipment | $200 |
| Vehicle | $4,000 |
| Accounts payable | $1,350 |
| Unearned revenue | $700 |
| Common stock | $1,000 |
| Retained earnings | $3,950 (Balance as of January 1 of the current year) |
| Dividends | $500 |
| Service revenue | $4,500 |
| Salaries expense | $1,500 |
| Rent expense | $300 |
| Advertising expense | $500 |
Calculate the dollar amount for net income on our current years income statement (December 31).
a) 1700 b) 2200 c) 2700 d) 4200
Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31).
a) 5150 b) 6150 c) 5650 d) 7650
Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31).
a) 8700 b) 9700 c) 10700 d) 13200
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