Homework Answers
Answer :-
1. Net Income/(Loss) = Service Revenue - Operating expenses
Net Income = $24,200 - $13,300
Net Income = $10,900
2. Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends
Ending Retained Earnings = $9,400 + $10,900 - $1,300
Ending Retained Earnings = $19,000
3. Total Liabilities = Accounts payable + Notes payable + Bonds payable
Total Liabilities = $10,000 + $2,000 + $43,000
Total Liabilities = $55,000
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