Determine the before-closing balance in the retained earning

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Reference no: EM133761697

Question: As of December 31, 2016. Flowers Company had total assets of $130,000, total liabilities of $50.000, and common stock of $70,000. The company's 2016 income statement contained revenue of $30.000 and expenses of $18,000 The 2016 statement of changes in stockholders' equity stated that $3,000 of dividends were paid to investors

Required

a. Determine the before-closing balance in the Retained Earnings account on December

b. Determine the after-closing balance in the Retained Earnings account on December 31. 2016.

Reference no: EM133761697

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