. (Learning Objective 5: Make closing entries and calculate net income) The adjustedtrial balance of Amana Corporation at December 31 shows that sales revenue for the year was$513,000 and other revenue was $37,000. Cost of goods sold for that same period was $256,000,while other expenses totaled $185,000. The corporation declared and paid dividends of $12,000during the year. The balance of retained earnings before closing entries was $457,000.1. Prepare the closing entries for revenues, expenses, and dividends for the year.2. What was net income for the year?3. What is the ending balance of retained earnings after the closing entries are posted?
. (Learning Objective 5: Make closing entries and calculate net income) The adjustedtrial balance of Amana Corporation at December 31 shows that sales revenue for the year was$513,000 and other revenue was $37,000. Cost of goods sold for that same period was $256,000,while other expenses totaled $185,000. The corporation declared and paid dividends of $12,000during the year. The balance of retained earnings before closing entries was $457,000.1. Prepare the closing entries for revenues, expenses, and dividends for the year.2. What was net income for the year?3. What is the ending balance of retained earnings after the closing entries are posted?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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. (Learning Objective 5: Make closing entries and calculate net income) The adjusted
trial balance of Amana Corporation at December 31 shows that sales revenue for the year was
$513,000 and other revenue was $37,000. Cost of goods sold for that same period was $256,000,
while other expenses totaled $185,000. The corporation declared and paid dividends of $12,000
during the year. The balance of
1. Prepare the closing entries for revenues, expenses, and dividends for the year.
2. What was net income for the year?
3. What is the ending balance of retained earnings after the closing entries are posted?
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