psnewco 103 Help SaveExit Submit The following information i

ps//newco 1-03) Help Save&Exit; Submit The following information is avalilable for the Higgins Travel Agency Ather closing e earnings account? entries are posted, what will be the balance in the Retainesd Net Income Retained earnings Dividends 51,580 134,580 15,600 Mutiple Choice $67400 ?Prey 28of30 Next > 8

Solution

Calculate retained earning balance after closing entry :

So answer is d) $170400

Retained earning balance before closing	134500
Add; Net income	51500
Less: Dividend	-15600
Retained earning balance after closing	170400