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Problem 1: Golden Enterprises started the year with the following: Assets $113,000; Liabilities $39,500; Common Stock $69,500; Retained Earnings $4000. During the year, the company earned revenue of $6000, all of which was received in cash, and incurred expenses of $3500, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2000 to owners. Assume no other activities occurred during the year.
The amount of Golden's retained earnings at the end of the year is:
Select one:
A. $10,000.
B. $2000.
C. $4500.
D. $6500.
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