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Problem 1: Prior to closing, Syracuse Company's accounting records showed the following balances:
Retained earnings $6350
Service revenue 7750
Interest revenue 850
Salaries expense 4600
Operating expense 1400
Interest expense 550
Dividends 1150
After closing, Syracuse's retained earnings balance would be
Select one:
A. $7250.
B. $8400.
C. $9550.
D. $6350.
Problem 2: The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:
Cash $5000
Accounts receivable $1850
Dividends $2500
Common stock 2975
Land $2800
Revenue $2800
Accounts payable $1450
Expense $1550
The amount of Carolina's retained earnings after closing on December 31, Year 1 was:
A. $6475.
B. $7800.
C. $3975.
D. $5225.
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