Godinger Corporation had account balances at the end of the current year as follows: sales revenue $29,000, cost of goods sold $12,000, operating expenses $6,200, and income tax expense $4,320. Prepare Godinger’s closing entries for the current year.
Answer to relevant QuestionsUsing the information from RE3-8, prepare Godinger’s income statement for the current year. Assume stockholders owned 4,000 shares of Godinger’s capital stock during the year.In RE3-8, Godinger Corporation had account ...The following 2010 information is available concerning the Drake Company, which adjusts and closes its accounts every December 31:1. Salaries accrued but unpaid total $2,840 on December 31, 2010.2. The $247 December utility ...Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,600; Accounts receivable, $7,600; Accounts payable, $7,200; Prepaid rent, $2,400; Marketable securities, $3,000; ...Tinman Corporation reports the following balances at the end of the current year: Common stock, $5 par, $50,000; Retained earnings, $120,000; Additional paid-in capital on common stock, $200,000; Income taxes payable, ...It is the end of 2010 and you are an accountant for the Stone Company. During 2010, sales of the company’s products slumped and the company’s earnings are expected to be much less than those of 2009. The president comes ...
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