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Homework answers / question archive / Statements for Corporations and Closing Entries Question The following information is taken from the trial balance of GlaxonSmith Supplies Ltd

Statements for Corporations and Closing Entries Question The following information is taken from the trial balance of GlaxonSmith Supplies Ltd

Accounting

Statements for Corporations and Closing Entries Question The following information is taken from the trial balance of GlaxonSmith Supplies Ltd. at December 31, 2014, the company's year end. GlaxonSmith has a 15% tax rate. Cash Dividends, cs.... $ 7,500 Common Shares, unlimited authorized, 9000 issued. 9,000 Cost of Goods Sold 65,000 Dividends Payable. 2,500 Interest Revenue... 300 Operating Expenses 16,900 Preferred Shares, $5 Non-Cumulative, unlimited authorized, 500 issued... 10,000 Retained earnings, beginning balance.......... 3,100 Sales Revenue ....... 90,000 Instructions - For GlaxonSmith Supplies Ltd. as of December 31, 2020 1) Prepare a Multi-Step Income Statement. Include all required sections. (10 Marks) 2) Prepare the Statement of Retained Earnings (5 Marks) 3) Record the Closing Entries (11 Marks) 4) Show the Equity Section of the Balance Sheet (6 Marks)

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