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ABC Company has the following end of period account balances (except for retained earnings; its balance shown is the beginning balance): Accounts payable: $ 30,000
ABC Company has the following end of period account balances (except for retained earnings; its balance shown is the beginning balance):
- Accounts payable: $ 30,000
- Accounts receivable: $ 15,000
- Buildings and equipment: $ 230,000
- Cash: $ 10,000
- Common stock: $ 60,000
- Cost of goods sold: $ 120,000
- Depreciation expense: $ 20,000
- Dividends: $ 45,000
- Net sales revenue: $ 250,000
- Notes payable: $ 80,000
- Prepaid insurance: $ 35,000
- Retained earnings (beginning balance): $ 85,000
- Supplies: $ 5,000
- Supplies expense: $ 10,000
- Unearned revenue: $ 25,000
- Wage expense: $ 40,000
A) Calculate net income.
B) Calculate ending retained earnings.
C) Calculate total assets.
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