Tiptoe Shoes, had annual revenues of $193,000, expenses of $107,700, and paid dividends of $21,200 during the current year. The retained earnings account before closing had a balance of $305,000.
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When preparing government-wide financial statements at the end of the fiscal year, Meen County recorded an adjusting entry for salaries of $8,500,000. The salaries for 1 week, $13,700,000, were paid on the first Friday of the new fiscal period.
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