At the beginning of the year, a company's balance sheet reported the following balances: Total...
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Accounting
At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000; Total Liabilities $25,000; Total Paid-in capital of $100,000; and Retained earnings = $100,000. During the year, the company reported revenues of $46,000 and expenses of $30,000. In addition, dividends for the year totaled $20,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be O $116,000. O $24,000. O $104,000. O $96,000. $130,000
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