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    Crystal Company Tag

    QUESTION : The following account balances were drawn from the financial records of Crystal Company (CC) as of January 1, 2013. Assets, $14,000; liabilities, $4000.; common stock, $7000.; and retained earnings, $3000. CC has agreed to pay the creditors $400 of interest per year. Further, CC agrees that for the 2013 fiscal year any annual earnings remaining after the interest charges

    The following account balances were drawn from the financial records of Crystal Company (CC) as of January 1, 2013. Assets, $14,000; liabilities, $4000.; common stock, $7000.; and retained earnings, $3000. CC has agreed to pay the creditors $400 of interest per year. Further, CC agrees that for the 2013 fiscal year any annual earnings remaining after the interest charges will