Several Amounts from Duggard Company at December 31,2017,are Listed Below

question 94

Essay

Several amounts from Duggard Company at December 31,2017,are listed below.Answer the questions.
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$\begin{array}{lrlr}\text { Service revenue } & \$ 245,000 & \text { Salaries expense } & \$ 109,000 \\\text { Dividends declared and paid } & 15,000 & \text { Rent expense } & 36,000 \\\text { Buildings } & 110,000 & \text { Land } & 100,000 \\\text { Accounts payable } & 40,000 & \text { Accounts receivable } & 28,000 \\\text { Capital stock } & 60,000 & \text { Retained earnings, Jan. 1, 2017 } & 40,000 \\\text { Utilities expense } & 19,000 & \text { Notes payable } & 30,000 \\\text { Income tax payable } & 4,000 & \text { Income tax expense } & 11,000\end{array}$ A)Calculate net income for 2017.
B)How much is Duggard Company's retained earnings at the end of 2017?
C)What primary asset account is missing?

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Definitions:

Half Lives

The time required for a quantity to reduce to half its initial value, commonly used in reference to radioactive decay.

Parent Atoms

The original atoms that undergo radioactive decay, transforming into different daughter atoms as a result of the process.

Reactive Changes

Adjustments or modifications made in response to external forces or challenges faced by an organization.

Organization

An arranged group of people with a particular purpose, such as a business or government department.