Problem:
On February 1, 2010, the balance of the retained earnings account of Blue Power Corporation was $630,000. Revenues for February totaled $123,000, of which $115,000 was collected in cash. Expenses for February totaled $131,000, of which $108,000 was paid in cash. Dividends declared and paid during February were $12,000.
Required:
Calculate the retained earnings balance at February 28, 2010.