Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

Exercise 34

Jackson Corporation's Retained Earnings account balance was $75,000 on January 1. Dur­ing January, the company recorded revenue of $100,000, expenses of $60,000, and dividends of $5,000. The company also purchased land during the period for $20,000 cash. Determine the company's Retained Earnings account balance on January 31.