Part 2: Calculate the retained earnings balance, and answer the following questions
1. What is the time period covered by the statement?
2. How does this differ from the income statement?
3. What is the total equity?
4. What it total revenue?
5. What is total assets?
6. What is the balance (amount) of retained earnings?
7. What is total liabilities?
8. Can the company purchase an additional automobile for $20,000?
