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The following information is reported for Kinney Corporation at the end of 2013. Accounts Receivable $23,000...

The following information is reported for Kinney Corporation at the end of 2013.

Accounts Receivable $23,000 Retained Earnings $?
Accounts Payable 11,000 Supplies Inventory 9,000
Cash 8,000 Equipment 138,000
Common Stock 110,000


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 $30,000, and $12,000 in cash dividends were declared and paid during 2013, what was its net income for 2013?

$__________

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