37. Quentin's 2014 net income was $5,000. No dividends were declared or paid during 2014. What was Quentin's retained earnings balance on December 31, 2013? $39,000 $49,000 $34,000 Cannot be estimated Quentin Company Balance Sheet as of December 31,2014 Assets Liabilities Current Assets Current Liabilities Accounts payable. Short-term debt. $ 42,000 36,000 $ 30,000 42,000 Cash. Inventory. Prepaid expense.. $ 72,000 12,000 Total current liabilities... $ 90,000 Total current assets. Non-current Liabilities Non-current Assets Bond payable. 34,000 Plant and equipment (net). Patent (net).. Total Assets 58,000 Owners' Equity Common stock. 24,000 20,000 $ 170,000 Retained earnings. Total Liabilities and Owners' Equity 44,000 S 170,000 35. Quentin's current ratio on December 31, 2014, is O 1.25 0.80 O 0.53 O 1.125 Quentin Company Balance Sheet as of December 31,2014 Assets Current Assets Cash. Inventory. Prepaid expense.. Total current assets. Liabilities Current Liabilities $ 42,000 $ 30,000 unts payable.. Short-term debt.. 36,000 42,000 $ 72,000 12,000 $ 90,000 Total current liabilities.. Non-current Liabilities Non-current Assets Plant and equipment (net). Patent (net).. Total Assets Bond payable. Owners' Equity Common stock. 34,000 58,000 24,000 20,000 $ 170,000 Retained earnings. 44.000 Total Liabilities and Owners' Equity $ 170,000