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Calculate the balance in retained earnings on december

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Reference no: EM132992493

During 2020, Yee Corporation reported revenues of $327,000 and Wage Expenses of $50,000 and Depreciation Expense $40,000, and declared cash dividends of $65,000. Retained Earnings on January 1, 2019 was $168,000.

Problem (1) Prepare closing entries at December 31, 2020.

Problem (2) Calculate the balance in Retained Earnings on December 31, 2020.

Reference no: EM132992493

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