Answered: On February 1, 2019, the balance of the…

Name: On February 1, 2019, the balance of the retained earnings account of B
Uploaded: 2024-03-04T10:43:15.000Z
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Description: On February 1, 2019, the balance of the retained earnings account of Blue Power Corporation was $315,000. Revenues for February totaled $61,000, of which $57,500 was collected in cash. Expenses for February totaled $65,000, of which $54,000 was paid

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On February 1, 2019, the balance of the retained earnings account of Blue Power Corporation was $315,000. Revenues for February totaled $61,000, of which $57,500 was collected in cash. Expenses for February totaled $65,000, of which $54,000 was paid in cash. Dividends declared and paid during February were $6,000.

Required:

Calculate the retained earnings balance at February 28, 2019.

Retained Earnings

Balance, February 1, 2019

Revenues

Expenses

Dividends

Balance, February 28, 2019

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