Presented below is the partial adjusted trial balance of NashvilleNets Inc. Required: Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance (show your work). Nashville Nets Inc. Adj usted Trial Balance December 31, 2018 Credit De bit Accounts Payable Salaries and wages Payable 11,000,000 200,000 Notes Payable- Due 7/31/19 Mortgage Payable - Due 12/31/2025 Common Stock, Par 1,100,000 3,300,000 1,000,000 0.10 APIC (Additi onal Paid in Capital in Excess of Par) Retained Earnings 9.000,000 25,000,000 Divide nds Paid Sales Sales Discounts 2,400,000 105,350,000 Cost of Goods Sold (COGS) Selling Expenses Admini strative Expenses 1,250,000 41,950,000 14,150,000 3,340,000 Rent Revenue 120,000 LOSS on sal e of e quipment Income Tax Expense 50,000 21,580,000
Presented below is the partial adjusted trial balance of NashvilleNets Inc. Required: Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance (show your work). Nashville Nets Inc. Adj usted Trial Balance December 31, 2018 Credit De bit Accounts Payable Salaries and wages Payable 11,000,000 200,000 Notes Payable- Due 7/31/19 Mortgage Payable - Due 12/31/2025 Common Stock, Par 1,100,000 3,300,000 1,000,000 0.10 APIC (Additi onal Paid in Capital in Excess of Par) Retained Earnings 9.000,000 25,000,000 Divide nds Paid Sales Sales Discounts 2,400,000 105,350,000 Cost of Goods Sold (COGS) Selling Expenses Admini strative Expenses 1,250,000 41,950,000 14,150,000 3,340,000 Rent Revenue 120,000 LOSS on sal e of e quipment Income Tax Expense 50,000 21,580,000
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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