Reference no: EM131256969
As of December 31, 2014, Blue Haven Company had total assets of $180,000, total liabilities of $54,000, and common stock of $90,000. The company’s 2014 income statement contained revenue of $32,000 and expenses of $19,000. The 2014 statement of changes in stockholder’s equity stated that $2,800 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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After-closing balance in the retained earnings account
: As of December 31, 2014, Blue Haven Company had total assets of $180,000, total liabilities of $54,000, and common stock of $90,000. The company’s 2014 income statement contained revenue of $32,000 and expenses of $19,000. Determine the before-closin..
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