Prepare the closing entries from the following selected accounts from the records of Hector, Inc., at December 31, 2016:

How much net income did Hector earn during 2016? Prepare a T-account for Retained Earnings trial balance and income statement amounts from the December 31 adjusted trial balance of Emerson Production Company follow:

Transcribed Image Text:

$32,300 Accumulated depreciation. 41,400 Depreciation expense. .4,100 1,000 700 600 700 Selling, general, and Other revenue administrative expenses. 6,500 Dividends declared.. Retained earnings, Income tax expense.. Income tax payable December 31, 2015.. 2,100