Question
Kincaid Company's Retained Earnings balance on January 1 was $5,000. During the current year, Kincaid earned $3,200 in revenues and incurred $4,300 in expenses. Kincaid
Kincaid Company's Retained Earnings balance on January 1 was $5,000. During the current year, Kincaid earned $3,200 in revenues and incurred $4,300 in expenses. Kincaid declared and paid $2,400 in dividends, all in cash. After the closing entries are made, Kincaid's Retained Earnings balance on December 31 will be: A.$5,800. B. $3,900. C.$5,000. D.$1,500.
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Financial Accounting An International Introduction
Authors: David Alexander
7th Edition
129229583X, 978-1292295831
