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Question: a companys balance of retained earnings on january 1 was...

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A​ company's balance of retained earnings on January 1 was $45 million. During the​ year, sales revenue was $100 million, while expenses totaled $55 million. The company declared and paid $11 million in cash dividends during the year. What was the balance of retained earnings at the end of the​ year?

answer is $79 million

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