The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account? Net income $ 101,200 Retained earnings 98,000 Dividends 35,000

$164,200

Explanation:

Given that,

After all closing entries are made,

Net income = $101,200

Retained earnings = $98,000

Dividends = $35,000

Therefore,

Balance of retained earnings:

= Retained earnings + Net income - Dividends

= $98,000 + $101,200 - $35,000

= $164,200

Hence, the balance in the Retained earnings account is $164,200.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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