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The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account? Net income $112,700 Retained earnings 108,000Dividends 40,000a.$180,700.b.$112700. c.$935,300. d.$253,400. e.S220,700.

Respuesta :

Answer:

Option (a) is correct.

Explanation:

Given that,

Net income = $112,700

Retained earnings = $108,000

Dividends = $40,000

After all closing entries are made,

The balance in the Retained earnings account is as follows:

= Retained earnings + Net income - Dividends

= $108,000 + $112,700 - $40,000

= $180,700

Hence, the balance in the retained earnings account is $180,700.

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