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The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account
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The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account

User Efarley
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1 Answer

1 vote

Answer: See explanation

Step-by-step explanation:

Your question isn't complete but here are other information that I found online:

Net income = $112700

Retained earnings = $108000

Dividend = $40000

The balance in the Retained earnings account will be calculated as:

Retained earnings = $108000

Add: Net income = $112700

Less: Dividend = $40000

Balance of retained earnings = $180700

User KWA
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