On February 1, 2016, the balance of the retained
Question # 00504170
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Updated on: 03/25/2017 02:01 AM Due on: 03/25/2017
On February 1, 2016, 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.
Required:
Calculate the retained earnings balance at February 28,2016.
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Rating:
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Solution: On February 1, 2016, the balance of the retained