Use the following information to answer questions in Part 2: (Hint: use the information to set up as much of the balance sheet and income statement as you can prior to answering the questions):
Accounts Payable $125,000.00
Accounts Receivable $175,000.00
Accrued Expenses $80,000.00
Cash $50,000.00
Common Stock $20,000.00
Cost of Goods Sold $400,000.00
Depreciation Expense $30,000.00
Gross PPE $700,000.00
Inventory $250,000.00
Long Term Debt $150,000.00
Net PPE $250,000.00
Note Payable $30,000.00
Operating Expenses $200,000.00
Sales $950,000.00
Tax Expense $25,000.00
Total Equity $340,000.00
What is the value of the retained earnings?