The ledger of Rowen Company contains the following balances: Retained Earnings $28,817; Dividends $1,705; Service Revenue $51,839; Salaries and Wages Expense $26,029; and Supplies Expense $5,742.

Prepare the closing entries at December 31.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

(To close revenue account.)

2.

(To close expense accounts.)

3.

(To close net income/ (loss).)

4.

(To close dividends.)The following items were taken from the financial statements of Sexton Company. (All dollars are in thousands.)

Long-term debt	$948	Accumulated depreciation	$4,197
Prepaid insurance	6,759	Accounts payable	1,482
Equipment	11,045	Notes payable (due after 2015)	848
Long-term investments	1,341	Common stock	16,203
Short-term investments	4,131	Retained earnings	5,225
Notes payable (due in 2015)	448	Accounts receivable	1,599
Cash	2,363	Inventory	2,113

Prepare a classified balance sheet as of December 31, 2014.(List current assets in order of liquidity.)

SEXTON COMPANY Balance Sheet December 31, 2014 (in thousands)

Assets

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders EquityTotal Revenues

$

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders EquityTotal Revenues $

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders EquityTotal Revenues

AddLess:

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders EquityTotal Revenues $

Liabilities and Stockholders' Equity

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

$

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues $

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders' EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal Revenues

$