On February 1, 2010, the balance of the retained earnings account of Blue Power Corporation was $630,000.

Question:

On February 1, 2010, the balance of the retained earnings account of Blue Power was $630,000. Revenues for February totaled $123,000, of which $115,000 was collected in cash. Expenses for February totaled $131,000, of which $108,000 was paid in cash. Dividends declared and paid during February were $12,000.

Required:
Calculate the retained earnings balance at February 28, 2010.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...