Use the following to answer questions 20-26
The following are the year-end account balances for 20XC (prior to closing) of GA Corporation:
Cash
$30,000
Accounts Receivable
60,000
Supplies
1,000
Equipment
780,000
Accumulated depreciation
180,000
Accounts payable
26,000
Notes payable
250,000
Common stock
200,000
Retained earnings
144,600
Dividends
50,000
Service revenue
985,000
Salaries expense
745,600
Supplies expense
3,000
Rent expense
22,000
Depreciation expense
60,000
Miscellaneous expense
34,000
20. $
Determine total expenses for the year
21. $
Determine net income for the year
22. $
Determine ending retained earnings for the year
23. $
Determine ending total stockholders' equity for the year
24. $
Determine total Current Assets at the end of the year
25. $
Determine Total Assets at the end of the year
26. Should Common stock be closed at year end?