Question:

How many temporary accounts does Eagles Corp need to close?Answer numerically or spell the number (e.g., 1 or one).

What is thebalance of retained earnings for Eagles Corp after closing entries are made for 2016?Do not use decimals or dollar signs.

What is the effect of EaglesCorp's2016closing entries on the basic accounting equation?

Please refer to the adjusted trial balance forCougar Corpprovided in theinformation sheet for problems 4-5.

4. What isincome from continuing operations for 2016?Do not use decimals or dollar signs

5.For Cougar Corp in 2016,Net Income is ________ lower than Income from Continuing Operations.

Do not use decimals,dollar signs, or negative signs.

See Attached Files

TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical list of 2016 pre-closing account balances of Eagles Corp, a merchandising company. Assume all accounts have normal balances. Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Administrative and General Expenses Buildings Cash Common Stock Depreciation Expense - Buildings Dividends (Common Stock) Interest Expense Land Prepaid Rent Retained Earnings, Beginning Balance for 2016 Sales Revenue Selling Expenses Unearned Revenue Balance 2,000 4,500 7,000 4,625 36,500 10,000 12,500 1,750 2,000 500 20,000 1,000 16,500 126,500 45,500 2,125 TRIAL BALANCE FOR PROBLEMS 4-5 Presented below is the final adjusted trial balance of the 2016 year-end account balances of Cougar Corp, a merchandising company. Other relevant information: 1. Cougar Corp disposed of their Widget Division during 2016. 2. Assume a tax rate of 35% for all income statement items. Cougar Corp Adjusted Trial Balance - December 2016 Accounts Accounts Payable Accounts Receivable Accumulated Depreciation Administrative Expenses Buildings Cash Common Stock Cost of Goods Sold Dividends Land Loss from disposal of Widget Division Retained Earnings, Beginning balance for 2016 Rent Revenue Sales Revenue (merchandise sales) Selling Expenses Supplies Unearned Revenue Total Debit Credit 40,000 80,000 20,000 46,000 259,000 47,000 136,000 400,000 1,000 40,000 22,000 86,000 6,000 678,000 72,000 3,000 970,000 4,000 970,000