Robin Sporting Goods Company reported the following day 31,2021, with amounts is trousands (Click the icon to view the count balance Click the icon to view the tent of retained mig. Click the soon to view the balance sheet) Make the company's closing entries at July 1,2021. Then set up a Taccount for Retained Eaming and posts that account Contained angending balance to the amount reported on Rotterdam halance sheet What do you find? Make the company's closing trust 31, 2001 Record des Arst, then credit Exclude explanations from any oumas) llegin by making the longestry for revenue at July 3, 2021 Journal Entry AM Debit Credit JU 31 Data Table $ Retained earnings, July 31, 2020 Accounts receivable Net revenues 31,500 Cost of goods sold 34,000 Cash 191,000 Property and equipment, net 80,000 Common stock 29,000 Inventories 136,800 50,000 19,400 26.000 36,000 11,700 Total current liabilities All other expenses Other current assets 5,000 Long-term liabilities 30,000 Dividends Other assets 0 Robin Sporting Goods Company Balance Sheet July 31, 2021 Thousands Assets Current assets Cash $ Accounts receivable 50,000 34,000 36,000 5,000 Inventories Other current assets Total current assets Property and equipment, net 125,000 19,400 30,000 Other assets $ Total assets 174,400 Liabilities Total current liabilities 80,000 11,700 Long-term liabilities Total liabilities 91,700 Stockholders' Equity Common stock 26,000 56,700 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 82,700 174,400 1 - Reference Robin Sporting Goods Company Statement of Retained Earnings Year Ended July 31, 2021 Thousands Retained earnings, July 31, 2020 $ 31,500 25,200 Add: Net income $ 56,700 Retained earnings, July 31, 2021 LA Print Done