Use the Following Information to Calculate At,or for the Year

question 17

Essay

Use the following information to calculate at,or for the year ended,December 31,2010 (a)net income,(b)retained earnings,(c)total liabilities and stockholders' equity,and (d)accounts receivable.
$\begin{array}{lrlr}\text { Supplies } & \$ 1,000 &\text { Cash }& \$ 32,000 \\\text { Wages Expense } & 14,000 &\text { Dividends }& 16,000\\\text { Accounts Payable } & 22,000 &\text { Notes Payable} & 4,000\\\text { Retained Earnings, December 31, } & 8,000 &\text { Patents }& 7,000\\2009 & \\&&\text { Retained Earnings,}&?\\&&\text { December 31,2010}\\\text { Accounts Receivable } &? \\\text { Rent Expense } & 6,000&\text { Common Stock}&20,000 \\ \text { Commissions Earned } & 30,000\end{array}$

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Definitions:

Instructional Practices

Methods and techniques used by educators to facilitate learning and enhance student understanding and skills.

Academic Achievement

The extent to which a student, teacher or institution has achieved their short or long-term educational goals.

Middle School

An educational institution serving the transitional period from primary to high school, typically for students aged 11 to 14.

Part-Time Employment

Work that is performed for fewer hours per week than a full-time job.