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22 August, 22:29

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. The ending retained earnings balance after closing is:

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  1. 23 August, 01:40
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    The ending retained earnings balance after closing is : $369,100

    Explanation:

    The Retained Earnings include an adjustment of profit for the year and dividend paid to the opening balance.

    The Calculation of closing balance is as follows:

    Opening Balance $305,000

    Add Profit for the year ($193,000 - $107,700) $85,300

    Less Dividends paid ($21,200)

    Closing Balance $369,100

    Conclusion:

    The ending retained earnings balance after closing is : $369,100
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