QUESTION 48 Miguel Inc. started operations on 3/1. The following information is available after the first month of operations: Accounts payable $15,500 Accounts receivable $2,500 Advertising expense $23,000 Cash $40,000 Common stock $20,000 Dividends $2,500 Service revenue $45,500 Wages expense $13,000 What is Miguel Inc.'s retained earnings at 3/31? A. $31.500 B. $7,000 C. $44.500 D. $9,500