Determine Glasgow’s net income for the year ending December 31, 20X9. 

Glasgow Corporation provided the following listing of financial statement elements and their respective balances. The periodic amounts relate to the year ending December 31, 20X9, and the point-in-time amounts reflect balances as of December 31, 20X9, unless otherwise implied. Unfortunately, the company has been unable to locate its listing of assets, but all other information is complete, albeit in disarray.      Capital stock $375,000    Wage expense 60,000     Revenue 120,000     Rent expense 33,000    Beginning retained earnings 133,500       Utilities expense 16,500       Accounts payable 18,750               Dividends 3,750     Notes payable 75,000       a) Determine Glasgow’s net income for the year ending December 31, 20X9.   b) How much are Total assets of the company, as of December 31, 20X9?   c) If you were told that assets included an accounts receivable of $7,500 for services provided during 20X9, and that such transactions had been excluded in calculating the given “revenue” amount, how would this influence your answer to part (a) above?  Worksheet 6     a) Revenue $ 120,000

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