Question - The following information is reported for Kinney Corporation at the end of 2013.
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Accounts Receivable
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$34,500
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Retained Earnings
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$?
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Accounts Payable
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16,500
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Supplies Inventory
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13,500
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Cash
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12,000
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Equipment
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207,000
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Common Stock
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165,000
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a. Compute the amount of retained earnings at the end of 2013.
b. If the amount of retained earnings at the beginning of 2013 was $45,000, and $18,000 in cash dividends were declared and paid during 2013, what was its net income for 2013?