Bellina Company imports art and artifacts from Italy and Spain and sells them in its Bellina Gallery in London. At the end of 20X2 Bellina had the following trial balance

1. Prepare closing journal entries for Bellina Company.
2. Prepare an income statement for 20X2 and a balance sheet for December 31, 20X2.

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Cash Accounts receivable Inventories Fixed assets, net Accounts payable Paid-in capital Retained earnings, Jan. 1, 20X2 Revenue Cost of sales Operating expenses otals £ 45,000 23,000 78,000 121,000 £ 35,000 100,000 97,000 340,000 170,000 135,000 £572,000 £572,000