Using the information from RE3 7, prepare Gold fingers closing entries for the current year In RE3 7 Gold finger Corporation had account balances at the end of the current year as follows sales revenue, $29,000 cost of goods sold, $12,000 operating expenses, $6,200 and income tax expense, $4,320 As...

Closing Entries Dec 31 Sales Revenue 29000 I ...

Using the information from RE3-7, prepare Gold fingers closing entries for the current year. In RE3-7 Gold

Question:

Using the information from RE3-7, prepare Gold finger’s closing entries for the current year.
In RE3-7
Gold finger had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Gold finger’s during the year. Prepare Gold finger’s income statement for the current year.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...