Question
As of December 31, 2014, Blue Haven Company had total assets of $130,000, total liabilities of $39,000, and common stock of $65,000. The companys 2014
As of December 31, 2014, Blue Haven Company had total assets of $130,000, total liabilities of $39,000, and common stock of $65,000. The companys 2014 income statement contained revenue of $22,000 and expenses of $14,000. The 2014 statement of changes in stockholders equity stated that $2,300 of dividends were paid to investors. |
Required |
a. | Determine the before-closing balance in the Retained Earnings account on December 31, 2014. |
b. | Determine the after-closing balance in the Retained Earnings account on December 31, 2014. |
c. | Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2014. |
d. | Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2014. |
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