On February 1, 2022, the balance of the retained earnings account of Blue Power Corporation was $132,000.
Question:
On February 1, 2022, the balance of the retained earnings account of Blue Power Corporation was $132,000. Revenues for February totaled $47,000, of which $41,500 was collected in cash. Expenses for February totaled $54,000, of which $38,400 was paid in cash. Dividends declared and paid during February were $4,000.
Required:
Calculate the retained earnings balance at February 28, 2022.
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