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As of December 31, 2016, Flowers Company had total assets of $30,000, total liabilities of $9,000,...

As of December 31, 2016, Flowers Company had total assets of $30,000, total liabilities of $9,000, and common stock of $15,000. The company’s 2016 income statement contained revenue of $5,000 and expenses of $3,000. The 2016 statement of changes in stockholder’s equity stated that $400 of dividends were paid to investors.

a. Determine the before-closing balance in the Retained Earnings account on December 31, 2016.

B. Determine the after-closing balance in the Retained Earnings account on December 31, 2016.
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