PREPARATION OF CLOSING ENTRIES AND AN {INCOME STATEMENT. Port Austin Boat Sales and Service, Inc., has entered and posted its adjusting entries for 19x8. The following are the adjusted account balances: lol

REQUIRED:
1. Using the accounts and balances above, prepare the closing entries for 19x8.
2. Prepare a classified income statement for Port Austin Boat Sales and Service, Inc.

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Sales revenue Service revenue Accounts payable Cost of goods sold $473,000 113,600 8,330 311,000 Inventory, boats, 12/31/x8 Supplies expense, repaid parts Supplies inventory, 12/31/x8 Prepaid rent 215,000 65,000 179,000 7,200 28,800 Rent expense Wages expense Wages payable Utilities expense 94,300 v 11,700 14,000 v Interest expense 9,500 Depreciation expense, equipment 20,000 Accumulated depreciation, equipment 75,000 Income taxes expense 12,300 Income taxes payable 8,300 Dividends 7,800