Reference no: EM133042604
Question - As of December 31, 2018, Flowers Company had total assets of $130,000, total liabilities of $39,000, and common stock of $65,000. The company's 2018 income statement contained revenue of $22,000 and expenses of $14,000. The 2018 statement of changes in stockholders' equity stated that $2,300 of dividends were paid to investors.
Required -
1. Determine the before-closing balance in the Retained Earnings account on December 31, 2018.
2. Determine the after-closing balance in the Retained Earnings account on December 31, 2018.
3. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2018.
4. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2018.
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