QUESTION 15 At the beginning of the year, a company's balance sheet reported the following balances: Total Assets = $325,000; Total Liabilities = $125,000; Common stock of $100,000; and Retained earnings = $100,000. During the year, the company reported revenues of $56,000 and expenses of $30,000. In addition, dividends for the year totaled $20,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be: QUESTION 16 A company purchased $4,500 worth of merchandise. Transportation costs were an additional $370. The company returned $290 worth of merchandise and then paid the invoice within the 3% cash discount period. The total cost of this merchandise is