High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is:
Multiple Choice
$192,000
$84,800
$368.000
$64,000
$388,800
Homework Answers
Revenue = $192,000
Expenses = $107,200
Dividends = $20,800
retained earning, beginning = $304,000
Net income = Revenue - Expenses
= 192,000 - 107,200
= $84,800
Retained earnings, ending = retained earning, beginning + Net income - Dividends
= 304,000 + 84,800 - 20,800
= $368,000
Correct option is third
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