Net income and retained earnings. Marge's Seafood Market Inc. reported the following (incomplete) information in its records

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Net income and retained earnings. Marge's Seafood Market Inc. reported the following (incomplete) information in its records for 2007: (LO 3)

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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 \(\$ 30,000\) for retained earnings mean? Is this useful information for potential investors?

c. What is the balance of retained earnings at the end of 2007 ?

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Financial Accounting

ISBN: 9780131492011

1st Edition

Authors: Jane L. Reimers

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