High Step Shoes,had annual revenues of $185,000,expenses of $103,700,and paid dividends of $18,000 during the current year.The retained earnings account before closing had a balance of $297,000.The ending retained earnings balance after closing is:

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The ending retained earnings balance is calculated by adding net income (revenues - expenses) to the beginning retained earnings balance and then subtracting dividends. Net income is $185,000 - $103,700 = $81,300. Adding this to the beginning retained earnings ($297,000) gives $378,300, and then subtracting dividends ($18,000) results in an ending balance of $360,300.

High Step Shoes,had Annual Revenues of $185,000,expenses of $103,700,and Paid