Kincaid company's retained earnings balance on january 1 was $9,000. during the current year, kincaid earned $3,100 in revenues and incurred $4,300 in expenses. kincaid declared and paid $3,000 in dividends, all in cash. after the closing entries are made, kincaid's retained earnings balance on december 31 will be:

a) $7,800.
b) $9,100.
c) $9,000.
d) $4,800.

D) $4,800

Explanation:

Previous Retained Earnings + Revenue - Expenses - Dividends = Current Retained Earnings

Old Retained Earnings - $9,000

Revenue                 -  $3,100

Expenses                - ($4,300)

Dividends               -  ($3,000)

Current Retained Earnings  = $4,800

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