Homework Answers
Ending balance in the account, once the closing process is completed:
|
Beginning Retained Earnings |
$57,700 |
|
Add: Revenue |
94,700 |
|
Less: Expenses |
(64,700) |
|
Less: Dividends |
(15,000) |
|
Ending Retained Earnings |
$72,700 |
Note : Revenue = $92,500 + $2,200 = $94,700.
Expenses = $41,800 + $4,300 + $8,700 + $9,900 = $64,700.
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