On February 1, 2022, the balance of the retainedearnings account of Blue Power Corporationwas $756,000. Revenues for February totaled$147,600, of which $138,000 was collected incash. Expenses for February totaled $183,400, ofwhich $151,200 was paid in cash. Dividendsdeclared and paid during February were$16,800.Required:Calculate the retained earnings balance atFebruary 28, 2022.Note: Amounts to be deducted should beindicated with a minus sign.Retained EarningsBalance, February 1, 2022RevenuesExpensesNet loss for FebruaryDividendsBalance, February 28, 2022$00 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% perannum, and the note plus interest was payableApril 30, 2023.Required:Use the horizontal model to show the effects (+for addition and - for subtraction) of each ofthese transactions and adjustments:1. Receipt of the note on May 1, 2022.>. The accrual of interest at December 31, 2022.:. The collection of the note and interest on April30, 2023.a.a.b.b.C.C.C.C.TransactionType of financial statementAccountsAmount

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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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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