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Consider the following balance sheet data for Steves Music Stores: Cash & equivalents $ 60,000 Accounts payable $ 146,000 Accounts receivable 133,000 Notes payable 179,500

Consider the following balance sheet data for Steves Music Stores:

Cash & equivalents

$

60,000

Accounts payable $

146,000

Accounts receivable

133,000

Notes payable

179,500

Inventories

379,000

Accrued wages and taxes

92,000

Total current assets

$

572,000

Total short-term liab. $

417,500

Long-term debt

293,500

Common stock

150,000

Net plant & equip.

557,000

Retained earnings

268,000

Total assets

$

1,129,000

Total liabilities & equity $

1,129,000

How much of the company's profits have been reinvested over the years?

a.

$150,000

b.

$60,000

c.

$418,000

d.

$1,129,000

e.

$268,000

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