Kincaid Company's Retained Earnings Balance on January 1 Was $6,000

question 159

Multiple Choice

Kincaid Company's Retained Earnings balance on January 1 was $6,000. During the current year, Kincaid earned $3,400 in revenues and incurred $4,200 in expenses. Kincaid paid $2,500 in dividends, all in cash. After the closing entries are made, Kincaid's Retained Earnings balance on December 31 will be:

• A) $4,300.
• B) $7,700.
• C) $6,000.
• D) $2,700.

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Definitions:

Karyogenesis

The process of nucleus formation in cells, especially during cell division.

Distal

Situated farthest from the point of attachment or origin, as of a limb or bone.

Dorsal

Pertaining to the back side of the body or organ, opposite of ventral, which is the front side.

Proximal

Closer to the point of attachment or to a central point; often used to describe locations on the body.