OL Pretest Introduction : Pretest 14. In 2014, Paxson incurred a net loss of $2,500. No dividends were declared or paid during 2014. What was Paxson's retained earnings balance one year earlier on December 31, 2013 $24,500 $2,500 $19,500 Cannot be estimated Paxson Company Balance Sheet as of December 31, 2014 Assets Liabilities Current Assets Current Liabilities Cash $ 21,000 Accounts payable Inventory 18.000 Short-term debt. Prepaid expense. 8,000 Total current liabilities. Total current assets. $ 45,500 Non-current Liabilities Non-current Assets Bond payable Plant and equipment (net) 28,000 Owners Equity Patent (net) 12.000 Common stock Total Assets $ 85,000 Retained earnings Total Liabilities and Owners' Equity - $ 15,000 21.000 $ 35,000 17.000 10,000 22,000 $ 85,000