As of December 31, Year 1, Flowers Company had total assets of $80,000, total liabilities of $24,000, and common stock of $40,000. The companys Year 1 income statement contained revenue of $14,000 and expenses of $8,000. The Year 1 statement of changes in stockholders equity stated that $900 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 1. c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1.

Complete this question by entering your answers in the tabs below.

• Req A and B
• Req C and D

Determine the before-closing balances and the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. (Leave no cells blank - be certain to enter "0" wherever required.)

	Before-closing	After-closing
Revenue
Expenses
Dividends