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6 January, 00:41

On May 1, Marcus Corporation's retained earnings account had a credit balance of $282,000. During the month, Marcus generated revenues of $40,000, incurred expenses of $24,000. At the end of the month, it also purchased equipment for $10,000 in exchange for a $10,000 note and it paid dividends of $4,000. What is the balance in retained earnings at the end of May?

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  1. 6 January, 04:35
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    What is the balance in retained earnings at the end of May? $294000

    Explanation:

    may-01 Retaining earning 282000

    Income 16000

    Dividens Paid - 4000

    may-30 Retaining earning 294000

    Revenue 40000

    Expenses24000

    Income 16000
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