Hi! Could someone help me find the net income and closing entry to this trial balance? I’m confused on how the formula for making a closing entry statement works. Many thanks if an explanation could be given! Adjusted Trial BalanceDebit$25,00013,9005,20013,500CashAccounts ReceivablePrepaid InsuranceLandAccounts PayableSalaries PayableCommon StockRetained EarningsDividendsService RevenueInsurance ExpenseSalaries ExpenseMiscellaneous Expense5,0007,60039,0004,800$114,000Credit$12,4001,50035,00010,20054,900$114,000

The income statement is prepared to record the revenue and expenses for the current period. The…

Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense Debit $25,000 13,900 5,200 13,500 5,000 7,600 39,000 4,800 $114,000 Credit $12,400 1,500 35,000 10,200 54,900 $114,000

Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense Debit $25,000 13,900 5,200 13,500 5,000 7,600 39,000 4,800 $114,000 Credit $12,400 1,500 35,000 10,200 54,900 $114,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Advertising expenses Buildings Cash ommon shares Cost of goods sold Deferred revenue Depreciation expense ype here to search Amis 21 $128,640 179,520 94,080 217,920 107,520 410.880 68.160 220,800 1.069.440 30,720 180,480 Equipment Income tax expense Insurance expense Inventory $907,200 Sales 58,560 112,320 222,720 Land 1,056,000 Loan payable (due in 2 years) 1,872,000 Prepaid expenses 27,840 Property tax payable Refund liability Salaries expense Salaries payable 17,280 20,160 744.960 24.960 2.519,040 23°C Mostly
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