Item$1$

$15$

points

PrintReferencesItem $1$

Spicer Inc. showed the following alphabetized list of adjusted account balances at December $31,2023$:

Accounts Payable $ $26,160$

Accounts Receivable $39,600$

Accumulated depreciation, Equipment $10,840$

Accumulated depreciation, Warehouse $21,680$

Cash $8,800$

Cash Dividends $20,000$

Common Shares $116,000$

Equipment $78,800$

Income Tax Expense $41,000$

Land $121,600$

Notes Payable, due in $202634,000$

Operating Expenses $109,600$

Preferred Shares $39,600$

Retained Earnings $28,120$

Revenue $275,800$

Warehouse $132,800$

The company uses an income summary account in the closing process.

Required:

$1.$ Assuming normal balances, prepare the closing entries at December $31,2023,$ the company$$s year$-$end.

$2.$ Calculate the post$-$closing balance in Retained Earnings at December $31,2023.($Amounts to be deducted should be indicated by a minus sign.$)$

PrevQuestion $1$ of $5$ Total$1$ of $5$Visit question mapNext