question 1. Use the following information to calculate for the year ended December 31, 2019 (a) Net income (net loss) ? (b) Ending retained earnings? (c) Total assets? Supplies 1,500  Service revenue 19,000 Other operating expenses 10,000 Cash 15,000 Accounts payable 11,000 Dividends 6,000 Accounts receivable 4,000 Notes payable 1,000 Common stock 10,000 Equipment 9,500 Retained earnings (beginning) 5,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is