Question
Carlos and John have started a new business called Carlos & John Contractors and completed their first year for which they had a net income
Carlos and John have started a new business called Carlos & John Contractors and completed their first year for which they had a net income of $237,000. They did not know that they had to prepare closing entries and so did not prepare them.
Why is it important that Carlos & John prepare the closing?
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Financial & Managerial Accounting, 1, 2 Terms (12 Months)
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th Edition
133727075X, 9781337270755
