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Oksi-84 [34.3K]
4 years ago
8

Simon Inc. has the following account balances before the closing,

Business
1 answer:
Lesechka [4]4 years ago
7 0

Answer:

$18,200

Explanation:

Retained earnings. $2,520

Add: Service revenue $21,920

$24,440

Less : Expenses

Wages expenses (3,200)

Supplies expense (1,120)

Depreciation exp. (960)

Total expenses. (5,280)

Net income 19,160

Less dividends. (960)

Retained earnings 18,200

Retained earnings at 31 December is $18,200

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