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Question 2 of 25 < III View Policies Current Attempt in Progress Use the following information for the year ended December 31
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Answer #1

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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