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As of December 31, Year 3, Flowers Company had total assets of $220,000, total liabilities of $66,000, and common stock of $110,000. The company's
As of December 31, Year 3, Flowers Company had total assets of $220,000, total liabilities of $66,000, and common stock of $110,000. The company's Year 3 income statement contained revenue of $40,000 and expenses of $23,000. The Year 3 statement of changes in stockholders' equity stated that $3,200 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 3. b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 3. c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 3. d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 3. f. On January 1, Year 4, Flowers Company raised $40,000 by issuing additional common stock. Immediately after the additional capital was raised. Flowers reported total stockholders' equity of $194,000. Are the stockholders of Flowers in a better financial position than they were on December 31, Year 3? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req F Determine the before-closing balance and the after-closing balance in the Retained Earnings account on December 31, Year 3. a. Retained earnings before-closing $ 44,000 x b. Retained earnings after-closing $ 57,800 X Reg A and S Req C and D >
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