Net Sales $1,650.00 Cash $300.0 0 00 Accounts Receivable 140,000 Operating Expenses 840,000 Equipment 420,000 Common Stock 170,000 Accounts Payable 120,000 Interest Income 32,000 Accumulated Depreciation 40,000 Gross Pro?t 1,140,000 Inventories 20,000 Prepaid Rent 20,000 Unearned Revenue 50,000 Income Taxes Expense 99,000 Notes Payable 200,000 Retained Earnings, 94, Dividends 5,000 January 1, 2016 000 Interest Expense 2,000 Required: 1. Calculate the cost of goods sold for the year ended December 31, 2016. 2. Calculate ending retained earnings for the year ended December 31, 2016. 3. Calculate current assets on December 31, 2016. 4. Calculate total liabilities on December 31, 2016. 5. Calculate net income for the year ended December 31, 2016.
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