Donut Hole Inc reported the following incomplete information in its
Donut Hole, Inc., reported the following (incomplete) information in its records for 2011:
Net income ............ $ 52,000
Sales ................ 153,750
Beginning balance—retained earnings .. 15,445
Cost of goods sold ........... 68,000
Dividends declared and paid ...... 3,025
1. 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 2011?

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