Question - On February 1, 2016, the balance of the retained earnings account of Blue Power Corporation was $315,000. Revenues for February totaled $61,000, of which $57,500 was collected in cash. Expenses for February totaled $65,000, of which $54,000 was paid in cash. Dividends declared and paid during February were $6,000.
Required: Calculate the retained earnings balance at February 28, 2016.