XYZ Company has just completed its first year of operations in Year 1.
The company distributed dividends of $50,000. If the ending balance of
Retained Earnings on December 31 of Year 1 is $70,000, and the company
had revenues of $400,000 from Year 1 sales, then what is the total of
the company's Year 1 expenses?
Correct Answer: $280,000
Explanation:
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