As of December 31, 2014, Blue Haven Company had total assets of $20,000, total liabilities of $6,000, and common stock of $10,000. The company’s 2014 income statement contained revenue of $3,000 and expenses of $2,000. The 2014 statement of changes in stockholder’s equity stated that $300 of dividends were paid to investors.

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

Retained Earning Before Closing:

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

Retained earning after closing

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

Revenue:

Expense:

Dividend:

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

Revenue:

Expense:

Dividend: