Question 4 (1 point) Please use the table below to answer the following question: XYZ Company Adjusted Trial Balance December 31, 2018 Cash Accounts receivable Allowance for Doubtful Accts Inventory Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long Term Note Payable Common Stock Retained Earnings Dividends Sales Cost of goods sold Repairs expense Salaries expense Depreciation expense Insurance expense Interest income Interest expense Income tax expense Total Dr. Cr. 65,000 28.000 7,000 12,500 60.000 12.750 23,000 6.000 35,000 38,000 21,000 10,000 130,000 52,000 6.500 25,000 3,000 4,500 1.250 4.000 3,500 274.000 274,000 Long lerm Note Payable Common Stock Retained Earnings Dividends Sales Cost of goods sold Repairs expense Salaries expense Depreciation expense Insurance expense Interest income Interest expense Income tax expense Total 35,000 38,000 21,000 10,000 130,000 52.000 6,500 25,000 3,000 4,500 1,250 4,000 3,500 274,000 274,000 What is the amount of Net income? 22.750 31,500 32,750 36,250 Question 5 (1 point) Which of the following is a characteristic of a current liability but not a long-term liability? Payable in assets or services in the future Due within one year (or the shorter of one year and the company's operating cycle) Transaction or event that created the liability already occurred Unavoidable obligation Question 6 (1 point) Which of the following regarding retained earnings is false? Retained earnings is a component of stockholders' equity on the balance sheet Retained earnings is increased by net income Retained earnings represents earnings not distributed to stockholders in the form of dividends Retained earnings is an asset on the balance sheet