Homework answers / question archive / Record closing entries and prepare a post-closing trial balance (L03-6, 3-7) [The following information applies to the questions displayed below

Record closing entries and prepare a post-closing trial balance (L03-6, 3-7) [The following information applies to the questions displayed below

Accounting

Share With

Record closing entries and prepare a post-closing trial balance (L03-6, 3-7) [The following information applies to the questions displayed below.) The year-end financial statements of Rattlers Tax Services are provided below. $75,500 RATTLERS TAX SERVICES Income Statement Service revenue Expenses : Salaries $ 45,600 Utilities 7,800 Insurance 5,400 Supplies 1,900 Net income 60,700 $14,800 RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $56,000 $24,100 Issue stock 26,000 Net income 14,800 Dividends (5,600) Ending balance, Dec. 31 $82,000 $33,300 Total Stockholders' Equity 80, 100 26,000 14,800 (5,600) $115, 300 RATTLERS TAX SERVICES Balance Sheet
$75,500 RATTLERS TAX SERVICES Income Statement Service revenue Expenses: Salaries $ 45,600 Utilities 7,800 Insurance 5,400 Supplies 1,900 Net income 60, 700 $14,800 RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Stock Earnings Beginning balance, Jan. 1 $56,000 $24,100 Issue stock 26,000 Net income 14,800 Dividends (5,600) Ending balance, Dec. 31 $82,000 $33,300 Total Stockholders' Equity 80,100 26,000 14,800 (5,600) $115, 300 Assets Cash Accounts receivable Land $ RATTLERS TAX SERVICES Balance Sheet Liabilities Accounts payable Stockholders' Equity: Common stock Retained earnings Total liabilities and equities $ 4,300 6,800 110,000 5,800 $82,000 33,300 Total assets $121,100 115, 300 $121,100
View transaction list Journal entry worksheet