The following information is available for the Higgins Travel Agency.After closing entries are posted,what will be the balance in the Retained earnings account?
$$\begin{array} { l r }
\text { Net Income } & \$ 42,500 \
\text { Retained earnings } & 130,000 \
\text { Dividends } & 12,000
\end{array}$$
A) $75,500.
B) $184,500.
C) $99,500.
D) $160,500.
E) $130,000.

Question

The following information is available for the Higgins Travel Agency.After closing entries are posted,what will be the balance in the Retained earnings account?
$$\begin{array} { l r } 
\text { Net Income } & \$ 42,500 \
\text { Retained earnings } & 130,000 \
\text { Dividends } & 12,000
\end{array}$$
A) $75,500.
B) $184,500.
C) $99,500.
D) $160,500.
E) $130,000.

Quizplus · Accepted Answer

The Answer of The following information is available for the Higgins Travel Agency.After closing entries are posted,what will be the balance in the Retained earnings account?
$$\begin{array} { l r } 
\text { Net Income } & \$ 42,500 \
\text { Retained earnings } & 130,000 \
\text { Dividends } & 12,000
\end{array}$$
A) $75,500.
B) $184,500.
C) $99,500.
D) $160,500.
E) $130,000.