The revenue, expense, and withdrawals T-account balances of the Swartz Furniture Company on December 31, 2000 are as follows:  lop85

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Sales $98,000 Advertising expense 12,700 Depreciation expense 3,100 Cost of goods sold 31,600 B. Swartz, withdrawals 8.000 Salaries expense 27,500 3,500 6,000 Utilities expense Rent expense Required: (1) What is the company's net income for 2000? (2) Using T-accounts, prepare the company's closing entries at the end of 2000 (assume the B. Swartz, Capital T-account had a balance of $29,400 on Janu- ary 1, 2000).