Reference no: EM132689554

Use the following information from the ADJUSTED TRIAL BALANCE of SAM Corp. for the fiscal year ended December 31, 2019 that follow.

Wages Payable                        7,000
Wages Expense                       20,000
Unearned Service Revenue          3,000
Service Revenue                    40,000
Retained Earnings, 1/1/2019       14,000
Rent Expense                           6,000
Prepaid Rent                           12,000
Notes Payable, Due 5/1/2030     30,000
Notes Payable, Due 5/1/2020       4,000
Land                                        30,000
Interest Revenue                         5,000
Interest Payable                            2,000
Interest Expense                           3,000
Equipment                                  20,000
Dividends                                   2,000
Depreciation Expense -- Equipment  5,000
Common Stock                            50,000
Cash                                        46,000
Accumulated Depreciation - Equipment         1,000
Accounts Receivable                   18,000
Accounts Payable                        6,000

Question 1. NET INCOME for the year is:

Question 2. TOTAL CURRENT ASSETS reported on the December 31, 2019 balance sheet is:

Question 3. TOTAL PROPERTY, PLANT, AND EQUIPMENT reported on the December 31, 2019 balance sheet is:

Question 4. TOTAL ASSETS reported on the December 31, 2019 balance sheet is:

Question 5. TOTAL CURRENT LIABILITIES reported on the December 31, 2019 balance sheet is:

Question 6. TOTAL LONG-TERM LIABILITIES reported on the December 31, 2019 balance sheet is:

Question 7. TOTAL LIABILITIES reported on the December 31, 2019 balance sheet is:

Question 8. RETAINED EARNINGS reported on the December 31, 2019 balance sheet is:

Question 9. TOTAL OWNERS' EQUITY reported on the December 31, 2019 balance sheet is: