Question

Kincaid​ Company's Retained Earnings balance on January 1 was $ 5,000. During the current​ year, Kincaid earned $ 3 comma 300 in revenues and incurred $ 4,100 in expenses. Kincaid declared and paid $ 2,200 in​ dividends, all in cash. After the closing entries are​ made, Kincaid's Retained Earnings balance on December 31 will​ be:_____

Answer 1

Retained earnings balance on Dec 31 = $2000

Step-by-step explanation:

Statement showing computations

Particulars Amount

Opening balance in retained earnings $ 5,000.

Add income (Loss) = $3300 - $4100 (-$800.00)

Less Dividends Paid = (2,200.00)

Retained earnings balance on Dec 31 $2000