Compare Retained Earnings” ending balance to the amount reported on Falcon”s statement of retained…
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(Learning Objective 5: Making closing entries) Use the Falcon Sporting Goods data in Short Exercise S3-12 to make the company"s closing entries at March 31, 20X4. Then set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings" ending balance to the amount reported on Falcon"s statement of retained earnings and balance sheet. What do you find?
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