Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During...
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Accounting
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Hill
Insurance Agency started the year with a beginning Retained Earnings balance of
$24,500.
During the year,
Hill
Insurance Agency earned
$33,000
of Service Revenue and incurred
$24,000
of various expenses. Dividends of
$16,000
from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings?
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