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At the beginning of the year Retained Earnings had a $50,000 credit balance. During the year, the company had net income of $21,000 and paid dividends of $9,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted?

At the beginning of the year Retained Earnings had a $50,000 credit balance. During the year, the company had net income of $21,000 and paid dividends of $9,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the year, Retained Earnings had a $50,000 credit balance. During the year, the company had a net income of $21,000 and paid dividends of $9,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? **Multiple Choice:** - $80,000 - $62,000 - $71,000 - $50,000
Transcribed Image Text:At the beginning of the year, Retained Earnings had a $50,000 credit balance. During the year, the company had a net income of $21,000 and paid dividends of $9,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? **Multiple Choice:** - $80,000 - $62,000 - $71,000 - $50,000
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