The accounting records of Betty DeRose, Inc. revealed the following account balances as of December...
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Accounting
The accounting records of Betty DeRose, Inc. revealed the following account balances as of December 31, 2029: Utilities expense ........ $28,000 Inventory ................ $53,000 Retained earnings ........ $46,000 (at January 1, 2029) Income tax expense ....... $24,000 Accounts payable ......... ? Cost of goods sold ....... $39,000 Cash ..................... $20,000 Utilities payable ........ $17,000 Common stock ............. $95,000 Service revenue .......... $48,000 Equipment ................ $93,000 Bonds payable ............ $80,000 Accounts receivable ...... $78,000 Sales revenue ............ $62,000 Building ................. $83,000 Dividends ................ ? Patent ................... $69,000 Notes payable ............ $91,000 Supplies ................. $27,000 Interest revenue ......... ? Additional information: 1) 25% of the company's 2029 net income was paid to stockholders as dividends. 2) The total stockholder's equity at December 31, 2029 was equal to $183,000. Calculate the retained earnings balance at December 31, 2029.
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