Use the information below to answer the following questions: common stock: $17,000 service revenue: $20,000 notes payable: $5,000 salaries expense: $10,000 accounts receivable: $7,000 ending retained earnings: $26,000 supplies: $2,000 insurance expense: $1,500 prepaid insurance: $3,000 utilities expense: $4,000 office equipment: $16,000 accounts payable: $4,000 cash: $24,000.
an income statement prepared for the year ended december 31 2013 would reflect net income of how much?
a balance sheet prepared as of december 31, 2013 would reflect total assets of how much?
a balance sheet prepared as of december 31, 2013 would reflect total liabilities of how much?
a balance sheet prepared as of december 31, 2013 would reflect total stockholders' equity of how much?

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.