USA Need Help!


Joined
Oct 23, 2016
Messages
1
Reaction score
0
Country
United States
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.
 
Ad

Advertisements

Stephen Gsell

VIP Member
Joined
Jun 14, 2016
Messages
105
Reaction score
10
Country
United States
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
 
Ad

Advertisements

Joined
Sep 4, 2019
Messages
1
Reaction score
0
Country
United States
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.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top