Mantle Company Worksheet For the Year Ended December 31, 2014
	Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$16,000				$16,000
Accounts Receivable	$6,000				$6,000
Supplies	$2,000				$2,000
Equipment	$19,000				$19,000
Accumulated Depr-Equip		$6,000				$6,000
Accounts Payable		$10,000				$10,000
Wages Payable		$2,000				$2,000
Capital Stock		$5,000				$5,000
Retained Earnings		$10,595				$10,595
Dividends	$1,000				$1,000
Fees Earned		$43,020		$43,020
Wages Expense	$20,984		$20,984
Rent Expense	$6,973		$6,973
Depreciation Expense	$4,658		$4,658
Totals	$76,615	$76,615	$32,615	$43,020	$44,000	$33,595
Net Income (Loss)			$10,405			$10,405
			$43,020	$43,020	$44,000	$44,000

1. Based on the trial balance, the entry to close income summary would be:

Select the correct answer.

A.

debit Income Summary $10,405, credit Retained Earnings $10,405

B.

debit Income Summary $15,595; credit Retained Earnings $15,595

C. debit Income Summary $9,405; credit Retained Earnings $9,405

D. debit Retained Earnings $32,615; credit Income Summary $32,615

2. Based on the trial balance, determine the ending balance in Retained Earnings.

Select the correct answer.

$7,852

$18,148

$20,000

$0