**Retained Earnings Calculation for Blue Power Corporation**On February 1, 2022, the retained earnings balance for Blue Power Corporation was $756,000. During February, the corporation reported:- Revenues of $147,600, with $138,000 received in cash.- Expenses amounted to $183,400, with $151,200 paid in cash.- Dividends declared and paid totaled $16,800.**Requirement:**Calculate the retained earnings balance as of February 28, 2022.**Note:** Deducted amounts are indicated with a minus sign.**Retained Earnings Table:**- Balance, February 1, 2022: $756,000- Revenues: $147,600- Expenses: ($183,400)- Net loss for February: (calculated as revenues minus expenses) ($35,800)- Dividends: ($16,800)**Balance, February 28, 2022:** Adjusted retained earnings after accounting for net loss and dividends. **Text Transcription for Educational Website:**---On May 1, 2022, Tabor Company received an $7,200 note from a customer in settlement of an $7,200 account receivable from that customer. The note bore interest at the rate of 14% per annum, and the note plus interest was payable April 30, 2023.**Required:**Use the horizontal model to show the effects (+ for addition and – for subtraction) of each of these transactions and adjustments:1. Receipt of the note on May 1, 2022.2. The accrual of interest at December 31, 2022.3. The collection of the note and interest on April 30, 2023.---**Explanation of the Diagram:**The diagram is a table designed to represent the horizontal model for accounting transactions. It consists of the following columns:- **Transaction**: The description or identifier of the transaction.- **Type of financial statement**: Indicates which financial statement is affected (e.g., balance sheet, income statement).- **Accounts**: The specific accounts involved in the transaction.- **Amount**: The monetary value associated with the transaction, using "+" for additions and "−" for subtractions.The table is left blank for the user to fill in the specific details of each transaction as per the requirements.---

On February 1, 2022, the balance of the retained earnings account of Blue Power Corporation was $756,000. Revenues for February totaled $147,600, of which $138,000 was collected in cash. Expenses for February totaled $183,400, of which $151,200 was paid in cash. Dividends declared and paid during February were $16,800. Required: Calculate the retained earnings balance at February 28, 2022. Note: Amounts to be deducted should be indicated with a minus sign. Retained Earnings Balance, February 1, 2022 Revenues Expenses Net loss for February Dividends Balance, February 28, 2022 $ 0 0

On February 1, 2022, the balance of the retained earnings account of Blue Power Corporation was $756,000. Revenues for February totaled $147,600, of which $138,000 was collected in cash. Expenses for February totaled $183,400, of which $151,200 was paid in cash. Dividends declared and paid during February were $16,800. Required: Calculate the retained earnings balance at February 28, 2022. Note: Amounts to be deducted should be indicated with a minus sign. Retained Earnings Balance, February 1, 2022 Revenues Expenses Net loss for February Dividends Balance, February 28, 2022 $ 0 0

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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