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8 August, 04:27

The Retained earnings account has a credit balance of $30,600 before closing entries are made. Of total revenues for the period are $95,200, total expenses are $70,200, and dividends are $16,200, what is the ending balance in the Retained earnings account after all closing entries are made?

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  1. 8 August, 04:43
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    Ending balance of retained earnings is $39,400

    Explanation:

    Given:

    Retained earnings credit balance = $30,600

    Revenue for the period = $95,200

    Expenses = $70,200

    Dividends = $16,200

    Retained earnings ending balance after making closing entries:

    Retained earnings ending balance = Retained earnings credit balance + Revenue - Expenses - Dividends

    = 30,600 + 95,200 - 70,200 - 16,200

    =$39,400

    Therefore, retained earnings ending balance is $39,400.
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