The Following Account Balances Prior to Closing Entries Were Taken

question 21

Multiple Choice

The following account balances prior to closing entries were taken from the records of Kendall Company:
After closing entries at December 31,2016,Retained Earnings will be:

• A)$19,900.
• B)$7,400.
• C)$2,900.
• D)$24,400.

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Definitions:

Paternalistic Nature

An approach or attitude in management in which an entity controls the needs of people in a manner similar to a father's relationship with his children, often by providing for them without giving them rights or responsibilities.

Employee Voice

The means by which workers express their opinions, grievances, and suggestions regarding workplace policies and practices.

Steel Industry

A sector of the economy focused on the production, processing, and sale of steel and steel products.

Unionize

The act of forming or joining a union to collectively bargain for improved working conditions, wages, and benefits.