32. Using the adjusted trial balance presented in question 31, what is the retained earnings reported on the balance sheet statement of December 31, 2018?

Select one:

a. $10,100

b. $12,100

c. $100

d. $2,100

33. Closing entries are made

Select one:

a. in order to terminate the business as an operating entity.

b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts.

c. in order to close accounts on income statement and transfer net income (or loss) and dividends to the retained earnings account.

d. so that financial statements can be prepared.