National Spot Fabrics This company's end-of-year statement of financial position consisted of the following amounts: Cash $ 75,000 Accounts receivable $250,000 Property, plant, and equipment 350,000 Long-term debt 200,000 Common shares 500,000 Accounts payable 100,000 Retained earnings Inventory 175,000 Question 39 Refer to the figure National Spot Fabrics. What amount should the company report on its statement of financial position for total assets? a. $550,000 b. $775,000 $850,000 d. $950,000 Question 40 Refer to the figure National Spot Fabrics. What is the retained earnings balance at the end of the current year? a. $50,000 b. $550,000 c. $800,000 d. $850,000