Use the Following Information to Calculate At,or for the Year

Essay

Use the following information to calculate at,or for the year ended,December 31,2010,(a)net income,(b)retained earnings,(c)total assets,and (d)cash.
$\begin{array}{lrlr}\text { Salaries Expense } & \$ 4,000 & \text { Commissions Earned } & \$ 20,000 \\\text { Accounts Payable } & 7,000 & \text { Retained Earnings, December 31, } & \\\text { Dividends } & 6,000 & 2010 & \text { Utilities Expense } \\\text { Accounts Receivable } & 8,000 & \text { Retained Earnings, December 31, } & 16,000 \\& & 2009 &\\\text { Inventories } & 22,000 & \text { Common Stock } & 10,000 \\\text { Cash } & ? & & \\\text { Salaries Payable } & 1,000 & & \end{array}$