A merchandiser uses a perpetual inventory system.The beginning Retained Earnings balance of the merchandiser was $110,000.During the year,Sales Revenue amounted to $90,000,Cost of Goods Sold was $40,000,and all other expenses totaled $12,000.The company declared and paid $27,000 as dividends.The ending balance of Retained Earnings would be ________.
A)$148,000
B)$121,000
C)$175,000
D)$110,000

Question

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The closing journal entries would be:
 11ea8a75_4230_4e14_a2a1_0113af8aebf6_TB6701_00 11ea8a75_4230_7525_a2a1_e59349463c82_TB6701_00 11ea8a75_4230_7526_a2a1_5fa51ddc10b7_TB6701_00 11ea8a75_4231_5f87_a2a1_4d9dbea3d3f8_TB6701_00 Closing balance of Retained Earnings:
 11ea8a75_4231_8698_a2a1_63b42e0c768f_TB6701_00

A Merchandiser Uses a Perpetual Inventory System