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lilavasa [31]
3 years ago
9

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. Calculate the retained earnings balance on February 28, 2019.
Business
1 answer:
Pani-rosa [81]3 years ago
6 0

Answer:

The retained earnings balance on February 28, 2019 is $305.000.

Explanation:

Balance of the retained earnings account on February 1, 2019 = $315,000

Revenue for February 2019 = $61,000

Expenses for February 2019 = $65,000

Dividend declared in February 2019 = $6,000

Net Income = Revenue - Expenses = 61,000 - 65,000 = -4,000

Ending Balance of Retained Earning = Beginning balance of retained earning + net Income - dividend =

Ending Balance of Retained Earning = $315,000 + (-4000) - $6,000

Ending Balance of Retained Earning = $305,000

The retained earnings balance on February 28, 2019 is $305.000.

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3 years ago
Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its m
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Explanation:

Data provided in question:

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now,

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