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Jule’s Dairy Farm Inc reported the following incomplete information in its records for 2010:Net income $ 25,000 Sales 115000 Beginning balance retained earnings

Jule’s Dairy Farm, Inc., reported the following (incomplete) information in its records for 2010:Net income …………. $ 25,000Sales …………….. 115,000Beginning balance—retained earnings … 20,000Cost of goods sold ……….. 45,000Dividends declared and paid …….. 2,2501. If the sales revenue given is the only revenue for the year, what were the expenses for the year other than cost of goods sold?2. What is the balance of retained earnings at the end of 2010?

May 22 2020 View more View Less

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