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What the amount of carolina retained earnings after closing

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Reference no: EM132631365

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:

Select one:

A. $6475.

B. $7800.

C. $3975.

D. $5225.

Reference no: EM132631365

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