Net income and retained earnings. Manny's Cuban Bistro Inc. reported the following (incomplete) information in its records for 2009: (LO 3)

a. If the sales revenue given is the only revenue for the year, what were the expenses for the year other than cost of goods sold?

b. What does the beginning balance of \(\$ 20,000\) for retained earnings mean? Is this useful information for potential investors?

c. What is the balance of retained earnings at the end of 2009 ?

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Net income Sales Beginning balance-retained carnings Cost of goods sold Dividends paid $ 17,850 75,000 20,000 40,000 3,500