USA Need Help!

[ayarlie]

Can someone please help me, I'm stuck!!!

As of December 31, 2014, Blue Haven Company had total assets of $180,000, total liabilities of $54,000, and common stock of $90,000. The company’s 2014 income statement contained revenue of $32,000 and expenses of $19,000. The 2014 statement of changes in stockholder’s equity stated that $2,800 of dividends were paid to investors.


Required
a. Determine the before-closing balance in the Retained Earnings account on December 31, 2014.

b. Determine the after-closing balance in the Retained Earnings account on December 31, 2014.

c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2014.

d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, 2014.

 

[DTA93433]

A) $23,000 (not including $2014 net income of $13,000).
B) $36,000
C) $32,000; $19,000 & $2,800
D) $0 for all 3 accounts

 

[handyhelper]

A) $23,000 (not including $2014 net income of $13,000).
B) $36,000
C) $32,000; $19,000 & $2,800
D) $0 for all 3 accounts

Actually, the answer to A would be $25,800 because you would have to include $2,800 from the the stockholder's equity with the $23,000 . Other than that everything else is spot on.