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Determining the effects of closing entries on the retained earnings Ewan Insurance Agency started the year with a beginning retained earnings balance of $25,000. During
Determining the effects of closing entries on the retained earnings
Ewan Insurance Agency started the year with a beginning retained earnings balance of $25,000. During the year, Ewan earned $40,000 of service revenue and incurred $21,000 of various expenses. Dividends of $8,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of retained earnings?
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