A company has 2018 Revenues of $2312 and 2018 expenses of $1212. Its retained earnings on January 1, 2018 were $500. Dividends declared during the year were $400. After the closing entries on December 31 2018, what would be the new value of retained earnings? A) $1200 B) $1600 C) $2000 D) There is not enough information to say

24. Heed Inc accounts for prepaid expenses using a single asset account called prepaid expenses, which has a zero balance at January 1, 20xx. Heed prepares quarterly accounts. The company makes payments as follows to service providers on January 1, 20xx- Gecco Insurance $1600 to cover next 6 months Landlord Inc $24000 to cover next year KleenClean Inc $3000 to cover next 3 months Determine the adjusting entry required on March 31, 20xx A. Debit Cash $6800 Credit Prepaid expenses $6800 B. Debit Insurance expense $800 Debit Rent expense $3000 Debit Cleaning expenses $3000 Credit Prepaid expense $6800 C. Debit Prepaid expense S6800 Credit Cash $6800 D. Debit Insurance expense Debit Rent expense $6000 Debit Cleaning expenses $3000 Credit Prepaid expense $9800 $800 25. Cassie Corporation (a retailer) has provided the following information for its most recent month of operation: sales $32,000, beginning inventory $8,000, purchases $16,000 and gross profit $20,000. How much was Cassie's ending inventory? A. $4,000 B. $8,000 C. $6,000 D. $12,000