Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue$812,000 Cost of goods sold$435,000 Salaries expense 106,000 Insurance expense 36,000 Dividend revenue 4,600 Depreciation expense 34,000 Miscellaneous expense 28,000 Administrative expense 51,000 Loss on sale of investments 9,600 Rent expense 26,000 Dividends 21,000 Required:Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Solution:- Preparation of the necessary closing entries at December 31, 2021 as follows:- working…

Answered: Presented below is income statement and…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 51P

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Question

Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021.


Sales revenue	$	812,000	Cost of goods sold	$	435,000
Salaries expense		106,000	Insurance expense		36,000
Dividend revenue		4,600	Depreciation expense		34,000
Miscellaneous expense		28,000	Administrative expense		51,000
Loss on sale of investments		9,600	Rent expense		26,000
Dividends		21,000

Required:
Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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