(Answered) Question - house audio shop is a retailer of high quality

Accounting

Question - House Audio Shop is a retailer of high quality audio equipment. It is currently the end of May 2013. The company's retained earnings balance as of May 1, 2013 was $56,000. During May, House Audio Shop earned $10,000 in revenue and incurred $7,500 in expenses. On May 30, 2013, the company declared and paid dividends in the amount of $3,500. What is the balance of retained earnings as at May 31, 2013?

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