Reference no: EM132525254
As of December 31, Year 1, Flowers Company had total assets of $90,000, total liabilities of $27,000, and common stock of $45,000. The company's Year 1 income statement contained revenue of $16,000 and expenses of $9,000. The Year 1 statement of changes in stockholders' equity stated that $1,000 of dividends were paid to investors.
Required
Question a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1.
Question b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 1.
Question c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1.
Question d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1.
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