Answor the Questions Bolow using the Following Information: Equipment \( =\$ 80,000 \) Salary Payable \( =\$ 10,000 \) Revenues \( =\$ 90,000 \) Cash \( =\$ 40,000 \) Expenses \( =\$ 30,000 \) Dividends \( =\$ 15,000 \) Note Payable \( =\$ 20,000 \) Compute the Net Income [Choose ] Compute the Ending Retained Earnings [Choose ] Compute Total Liabilities

To compute the Net Income, you can use the formula: Net Income = Revenues - Expenses Substituting the numbers: Net Income = \$90,000 - \$30,000 = \$60,000 --- For Ending Retained Earnings, you can use the formula: Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends Assuming the Beginning Retained Earnings is \$0 for simplicity: Ending Retained Earnings = \$0 + \$60,000 - \$15,000 = \$45,000 --- Total Liabilities can be computed by adding all liabilities: Total Liabilities = Salary Payable + Note Payable = \$10,000 + \$20,000 = \$30,000