Questions 17 through 22 - Closing Entries - Financial Statement Amounts The following is Baker Cos Pre-Closing Trial Balance as of December 31, 2020. Baker's accounting period is a month, thus the balances in the temporary accounts are for the month of December 2020 Account Debit Credit Cash 17.000 Accounts Recevable 35.000 Inventory 42.000 Supplies 5.000 Equipment 100.000 Accumulated Depreciation 40,000 Accounts Payable 12.000 Note Payable 15.000 Interest Payable 2.000 Unearned Revenue 8.000 Dividends Payable 6,000 Common Stock 12.000 12.000 Retained Earnings 49.000 Sales Revenue 217.000 Cost of Goods Sold 92.000 Depreciation Expense 18.000 Wages Expense 47.000 Supplies Espeme 4,000 Interest Expense 1.000 Total 161.000 361.000 Use the information in Baker's Trial balance to answer questions 17 through 22 17 55 Select the closing entry Smith should make to close their Revenue accounts) after preparing their December 31, 2020 Balance Sheet: Account Name Debit Credit A Sales Revenue 217.000 Retained Earnings 217.000 B. Retained Earnings 217.000 Sales Revenue 217.000 Retained Earnings 125.000 Cost of Goods Sold 92,000 Sales Revenue 1217.000 D. Sales Revenue 217.000 Unearned Revenue 8,000 Retained Earnings 225.000 Closing Entry A Closing Entry Closing Entry Cosing Entry D None of the bove 59 December 31, 2020 Dance Sheet Account Nam Credit dan Cected 2.000 1000 Supe 1.000 mindamine 0.000 Den WE 1000 Supe 000 Dome Cost of Good 2.000 TE000 Mesto K.500 000 West ko ho 00 DO 19 5 Based on Smith's account balances, the amount of Net Income that would be shown on Smith's Income Statement for December 2020 would be: $54.000 $55,000 $57,000 $147.000 None of the above 20 59 Based on Smith's account balances, the amount of Total Assets that would be shown on Smith's Balance Sheet as of December 31, 2020 would be $159,000 $199.000 @ $239.000 $157.000 None of the above 21 59 Based on Smith's account balances, the amount of Total Liabilities that would be shown on Smith's Balance Sheet as of December 31, 2020 would be O $68,000 543.000 525.000 583.000 None of the above 22 55 Based on Smith's account balances, the amount of Total Equity that would be shown on Smith's Balance Sheet as of December 31, 2020 would be: $61,000 $49,000 O $104,000 O $116,000 O None of the above