1. The following information was available for the year. 
2. Retained earnings, January 1, $160,000,
3. Retained earnings, December 31, $130,000, 
4. Total expenses are $70,000 and dividends are $16,000. 
5. What was the net income for the year?
6. A company received a $48,000 payment for services to be performed over the next few months. What would the effect of this transaction be on the current year’s accounting equation?
7. The following information is available for December 31, 2020. 
8. Current assets $20,000; 
9. Non-current assets $300,000; 
10. Liabilities $60,000; 
11. Common stock 130,000; 
12. Retained earnings $? 
13. What amount should be reported as retained earnings on December 31, 2020?

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