The Following Information Is Available for the Noir Detective Agency

question 7

Multiple Choice

The following information is available for the Noir Detective Agency, Inc. After recording these closing entries, what will be the balance in the Retained Earnings account?

• A)$239,400.
• B)$274,600.
• C)$303,400.
• D)$289,000.
• E)$257,000.

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Definitions:

Ordinary Maintenance

Routine maintenance and repairs that are performed to keep equipment in its normal operating condition.

Long-Lived Assets

Assets that provide economic benefits to a business for more than one fiscal year, such as buildings, machinery, and equipment.

Architect

A professional who designs buildings and in many cases also supervises their construction.

Accumulated Depreciation

This is the cumulative depreciation of an asset up to a single point in its life, reflecting how much of the asset's value has been used up over time.