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| On December 31, 2016, Hanover Corporation had the following account balances: |
| Cash | $ 24,000 |
| Service Revenue | 73,000 |
| Advertising Expense | 12,000 |
| Accounts Receivable | 20,000 |
| Salaries Payable | 2,000 |
| Land | 15,000 |
| Retained Earnings, 1/1/2015 | 18,000 |
| Salaries Expense | 28,000 |
| Common Stock | 10,000 |
| Dividends | 4,000 |
| What is Hanover’s balance in Retained Earnings after the temporary accounts are closed at the end of its 2016 accounting period? |
a. $51,000
b. $47,000
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Question & Answer: On December 31, 2016, Hanover Corporation had the following account balance…..
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c. $79,000
d. $91,000
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