Exercise 1-23A (Algo) Retained earnings and the closing process LO 1-9

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. f. On January 1, Year 2, Flowers Company raised $19,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $75,000. Are the stockholders of Flowers in a better financial position than they were on December 31, Year 1?

Exercise 1-23A (Algo) Retained earnings and the closing process LO 1-9 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 company's 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. f. On January 1, Year 2, Flowers Company raised $19,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $75,000. Are the stockholders of Flowers in a better financial position than they were on December 31, Year 1? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 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.) 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. f. On January 1, Year 2, Flowers Company raised $19,000 by issuing additional common stock. Immediately after the additional capita was raised, Flowers reported total stockholders' equity of $75,000. Are the stockholders of Flowers in a better financial position thar they were on December 31, Year 1? Complete this question by entering your answers in the tabs below. On January 1, Year 2, Flowers Company raised $19,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $75,000. Are the stockholders of Flowers in a better financial position than they were on December 31, Year 1