Question - Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $189,000, expenses of $105,700, and the company paid $19,600 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $301,000. The ending retained earnings balance after closing is:
$189,000
$63,700
$83,300
$384,300
$364,700