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During Year 1, Thomas Company acquired $20,000 cash from the issue of common stock. The...

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Accounting

During Year 1, Thomas Company acquired $20,000 cash from the issue of common stock. The December 31, Year 1 Balance Sheet for Thomas Company showed total stockholders equity of $65,000. What is the Year 1 ending balance of Retained Earnings?

If Thomas Company paid a $5,000 cash dividend to the stockholders during Year 1, how much Net Income did Thomas earn in Year 1? Remember, Beginning Retained Earnings + Net Income Dividends = Ending Retained Earnings.

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