(Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of Ulrich Corporation at December 31, 20X2:
|
Cost of services sold |
$11,600 |
Service revenue |
$23,600 |
|
Accumulated depreciation |
17,800 |
Depreciation expense |
4,100 |
|
Selling, general, and administrative expense |
6,900 |
Other revenue |
600 |
|
Retained earnings, December 31, 20X1 1,900 |
1,900 |
Dividends |
400 |
|
Income tax expense |
400 |
||
|
Income tax payable |
300 |
How much net income did Ulrich earn during 20X2? (p. 147) Prepare a T account for Retained Earnings to show the December 31, 20X2, balance of Retained Earnings.