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What will the closing entries look like? The second picture is the adjusting entries. What will the income statement, balance sheet, and Retained Earnings statement
What will the closing entries look like? The second picture is the adjusting entries. What will the income statement, balance sheet, and Retained Earnings statement look like. Thanks. SIS A pyle Sales GES 75 Date General Journal a) Supplies expenses Supplies (179-44) (being supplies adjusted) Debit Credit $ 135 S 135 b) Depreciation expenses Accumulated depreciation-Building (323575-269455)/55*3/12 $ $ 246 246 c) $ 7,200 Interest expenses Interest payable (300000*8.88%*3/12)+(45000*7.2%*2/12) $7,200 Insurance expenses 4680/10*3 Prepaid insurance' $ 1,404 $1,404 825 Accumulated depreciation-Kite making machine $ (49500/10)*2/12 Salaries expenses $ Salaries payable 477 $ 477 g) Income tax expenses Income tax payable $ 7,471 $7,471 $73,187 $32,126 Calculation of net income Sales (21600+2295+50165-648-225) Less: Cost of good sold (571+571+4607+10011-56) freight out salaries expenses (477+656) Supplies expenses Depreciation expenses Interest expenses Insurance expenses 4680/1093 Depreciation expenses Income 25% income tax S 1,133 $ 135 $ 246 $ 7,200 $ 1,404 $ 825 $29,883 $ 7,471
The second picture is the adjusting entries.
What will the income statement, balance sheet, and Retained Earnings statement look like. Thanks.
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