The bookkeeper for Boomer Sky Company accidentally pressed the wrong computer key and erased the amount of Retained Earnings. You have been asked to analyze the following data and provide some key numbers for the board of directors meeting, which is to take place in 30 minutes. With the exception of Retained Earnings, the following account balances are available at December 31, 2012.

Required:
1. Compute the amount of total assets at December 31, 2012.
2. Compute the amount of net income for the year ended December 31, 2012.
3. After all closing entries are made, what is the amount of Retained Earnings at December 31, 2012?
4. What was the beginning retained earnings balance at January 1,2012?

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Cash Furniture (net Accounts Payable Land Buildings (net) Sales Revenue Salaries Expense Cost of Goods Sold S 74,000 95,000 220,000 8,000 275,000 25,000 S 39,000 Accounts Receivable 26,000 Inventory 105,000 Notes Payable 185,000 Supplies on Hand 310,000 Capital Stock 520,000 Dividends 80,000 Retained Earnings 370,000