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6 November, 04:02

Kincaid Company's Retained Earnings balance on January 1 was $9,000. During the current year, Kincaid earned $3,100 in revenues and incurred $4,300 in expenses. Kincaid declared and paid $3,000 in dividends, all in cash. After the closing entries are made, Kincaid's Retained Earnings balance on December 31 will be:

A) $7,800.

B) $9,100.

C) $9,000.

D) $4,800.

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  1. 6 November, 05:27
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    D) $4,800

    Explanation:

    Previous Retained Earnings + Revenue - Expenses - Dividends = Current Retained Earnings

    Old Retained Earnings - $9,000

    Revenue - $3,100

    Expenses - ($4,300)

    Dividends - ($3,000)

    Current Retained Earnings = $4,800
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