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A company reports the following account balances at year-end:
Account
Balance
Long-term debt
$200,000
Cash
50,000
Net sales
600,000
Fixed assets (net)
320,000
Tax expense
67,500
Inventory
25,000
Common Stock
100,000
Interest expense
20,000
Administrative expense
35,000
Retained earnings
150,000
Accounts payable
65,000
Accounts receivable
120,000
Cost of goods sold
400,000
Depreciation expense
10,000
Additional Information:
The opening balance of common stock was $100,000
The opening balance of retained earnings was $82,500
The company had 10,000 common shares outstanding all year
No dividends were paid during the year
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