Wendy's Closing Entry

To follow is a condensed and adapted trial balance as of January $2,2022,$ that was constructed from those financial statements.

Please note that the accounts have been adapted and condensed for educational use and should not be used for investment decisions.

Wendy's complete, unabridged financial statements can be found on its investor relations website $.$

View a quick tutorial video about closing entries at this

link

and then answer the following questions.

Discussion Questions

What are closing entries? Why are they made?

What accounts on Wendy's trial balance should be closed?

Using the Wendy's trial balance, what closing entries would Wendy's make for $2021?$

What was Wendy's net income for the year ended December $31,2021?$