in the amount of $80,000 cash from the business? Justify your answer. 23. On December 31, the Milers Company had $800,000 in total assets and owed $300,000 to creditors. If the corporation's common...

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Extracted text: in the amount of $80,000 cash from the business? Justify your answer. 23. On December 31, the Milers Company had $800,000 in total assets and owed $300,000 to creditors. If the corporation's common stock amounted to $250,000, what amount of retained earnings should appear on the company's December 31 balance sheet? 24 Some accounting students believe that debits are good and credits are bad.