The ending Retained Earnings balance of Hoosier, Incorporate…

The ending Retained Earnings balance of Hoosier, Incorporated decreased by $5.2 million from the beginning of the year. The company declared a dividend of $8.8 million during the year. What was the net income for the year? (Hint: Beginning Retained Earnings is NOT needed to answer the question.)

Hoosier Motors has the following balance sheet accounts:Land…

Hoosier Motors has the following balance sheet accounts:Land $150,000Equipment $90,000Salaries Payable $12,000Notes Payable $99,000Supplies $10,000Cash $25,000Common Stock $40,000Retained Earnings $100,000Accounts Payable Prepaid Rent If the company has total liabilities and stockholders’ equity of $290,000, what is the balance of the company’s Prepaid Rent account?