The balance sheet of the Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based on this information only, the amount or balance for retained earnings must be: a) $7,000. b) $87,000. c) $13,000.
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Pronghorn Corporation had net sales of $2,417,100 and interest revenue of $37,500 during 2017. Expenses for 2017 were cost of goods sold $1,452,900, administrative expenses $221,200, selling expenses $282,700, and interest expense $45,100.
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