Question
Connor Corporation's adjusted trial balance included in the following items: Accounts payable $65,000, Accounts receivable $45,000, Capital stock $100,000, Cash $50000, Dividends $10,000, Goodwill $47,000,
Connor Corporation's adjusted trial balance included in the following items: Accounts payable $65,000, Accounts receivable $45,000, Capital stock $100,000, Cash $50000, Dividends $10,000, Goodwill $47,000, Interest expense $4000, Interest Payable $2000, Inventory $32000, Notes Payable $80,000, Prepaid Expenses $5000, Property, plant and equip. $123,000, Retained earnings $46,000, Rent Expense $18,000, Revenues $101,000, Salary expense $60,000. Which of the these accounts would be found in the income statement columns of a worksheet? Which of these accounts would be zero after applying the closing process?
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