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Algonquin Company Reported Assets of $50,000,liabilities of $22,000 and Common

Question 33

Multiple Choice

Algonquin Company reported assets of $50,000,liabilities of $22,000 and common stock of $15,000.Based on this information only,what is the amount of the company's retained earnings?


A) $7,000.
B) $57,000.
C) $13,000.
D) $87,000.

Correct Answer:

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