Question: Outsider Company from Problem 4 3B prepared an end of period spreadsheet work

Outsider Company, from Problem 4-3B, prepared an end-of-period spreadsheet (work sheet), a part of which is shown below, at December 31, 2015, the end of the current fiscal year.
1. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet as at December 31.
2. Journalize the entries that were required to close the accounts at December 31.
3. If the balance of Walter Salva, Capital increased $40,000 after the closing entries were posted and the withdrawals remained the same, what was the amount of net income or net loss?

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  • CreatedSeptember 15, 2015
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