At the end of its first year of operation, Goss Corporation has $1,000,000 of common stock and net income of $236,000 Prepare (a) The closing entry for net income (b) The stockholders equity section at year end ...

a Income Summary 236000 Retained Earnings 236000 T ...

At the end of its first year of operation, Goss Corporation has $1,000,000 of common stock and

Question:

At the end of its first year of operation, Goss has $1,000,000 of and net income of $236,000. Prepare
(a) The closing entry for net income
(b) The stockholders’ equity section at year-end.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...