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After closing on December 31, 2009, Walston Company had $4,600 of assets, $2,000 of liabilities, and $700 of common stock. During January of 2010, Walston earned $750 of revenue and incurred $300 of expense. Walston closes it books each year on December 31.
1. Determine the balance in the Retained Earnings account as of December 31, 2009.
2. Determine the balance in the Retained Earnings account as of January 1, 2010.
3. Determine the balance in the Retained Earnings account as of January 31, 2010.
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