The Following Information Is Available for the Higgins Travel Agency $$\begin{array} { l r } \text { Net Income } & \$ 42,500 \\\text { Retained earnings } & 130,000 \\\text { Dividends } & 12,000\end{array}$$

question 324

Multiple Choice

The following information is available for the Higgins Travel Agency.After closing entries are posted,what will be the balance in the Retained earnings account?
$$\begin{array} { l r } \text { Net Income } & \$ 42,500 \\\text { Retained earnings } & 130,000 \\\text { Dividends } & 12,000\end{array}$$

• A) $75,500.
• B) $184,500.
• C) $99,500.
• D) $160,500.
• E) $130,000.