Accounting lab take home quiz #1 - A Calculate net income Sales revenue $200,000 Misc expense(50,000 Rent expense(15,000 Salaries expense(12,000 Net

Accounting lab take home quiz #1 - A Calculate net income...

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A. Calculate net income. Sales revenue $200,000 Misc. expense (50,000) Rent expense (15,000) Salaries expense (12,000) Net income $123,000 B. Calculate ending retained earnings. Beginning RE $ 0 Net income 123,000 Dividends (10,000) Ending RE $ 113,000 C. Calculate total assets. Cash $ 34,000 Equipment 90,000 Land 20,000 Total Assets $144,000

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