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Question - The following information is provided for Sacks Company before closing entries.
Cash $12,000
Supplies 4,500
Prepaid rent 2,000
Salaries expense 4,500
Equipment 65,000
Service revenue 30,000
Miscellaneous expenses 20,000
Dividends 3,000
Accounts payable 5,000
Common stock 68,000
Retained earnings 8,000
Required - What is the amount of total shareholders' equity?
a. $5,000.
b. $68,500.
c. $78,500.
d. $5,000.
e. $83,500.
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