DO IT! 5

Financial Statement Items

Presented below is selected information related to Flanagan Corporation at December 31, 2022. Flanagan reports financial information monthly.

Equipment	$10,000	Utilities Expense	$4,000
Cash	8,000	Accounts Receivable	9,000
Service Revenue	36,000	Salaries and Wages Expense	7,000
Rent Expense	11,000	Notes Payable	16,500
Accounts Payable	2,000	Dividends	5,000

1. Determine the total assets of Flanagan at December 31, 2022.

2. Determine the net income that Flanagan reported for December 2022.

3. Determine the stockholders equity of Flanagan at December 31, 2022.