Answer:
Closing retained earnings for Kealy Corp=27+12-2=$37
Total Assets for Kealy Corp=Total liabilities+common stock+retained earnings
=14+18+37=$69
Explanation:
The closing retained earnings can be determined using the following formula:
Closing retained earnings= opening retained earnings+net income- dividend paid
Closing retained earnings for Kealy Corp=27+12-2=$37
Total Assets= Total liabilities+total equity
Where as total equity= common stock+retained earnings
Total Assets for Kealy Corp=Total liabilities+common stock+retained earnings
=14+18+37=$69