Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can I have the the post-closing trial, and what was the balance in the income summary immediately before closing the income summary into retained earnings.
can I have the the post-closing trial, and what was the balance in the income summary immediately before closing the income summary into retained earnings. show your work please, on the post-closing also try to show me the income summary. thanks 5 10,000 17,000 1,500 200,000 Tota Tota Tota 25,000 Net 117,433 200,000 10,787 20,000 2,000 5.213 6,250 7,100 1,000 9,000 250,000 7,787 Cash Investment-TS FV Adjustment- Trading Account Receivable Allowance for Doubtful Account Inventory Equpiment Accumulated depreciation Investment- AFS FV Adjustement- AFS Account Payable Interest Payable Income Tax payable Cash Dividend Payable- Preferred Cash Dividend Payable-Common Bonds Payable Discount on Bond Payable Preferred Stock PIC in excess of par, Preferred Stock Common Stock PIC in excess of par, Common Stock Retained Earnings Treasury Stock Unrealized loss- Equity Sales Sales Return and Allownaces Sales Discount Unrealized Gain-Income Depreciation Expense Bad debt Expense Rent Expense Salaries Expense Interest Expense Cost of goods sold Income Tax Expense 50,000 10.000 100,000 22,000 10.000 14,000 2,000 355,894 15,000 5,000 1,500 10,787 25,000 13,000 25,000 7,237 125,000 30,000 Total S855,744 $ 855,744
can I have the the post-closing trial, and what was the balance in the income summary immediately before closing the income summary into retained earnings. show your work please, on the post-closing also try to show me the income summary. thanks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started