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13-01-2021
Business

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The following information is available for the Noir Detective Agency. After closing entries are posted, what will be the balance in the Retained earnings account

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Parrain Parrain

16-01-2021

Answer: $230,400

Explanation:

The Retained earnings account is mainly used to record how much the company retains from its past and present net incomes after paying out dividends to shareholders.

Ending Balance = Beginning balance + Net income - dividends

= 294,000 + (-27,600) - 36,000

= $230,400

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