Santo Companys adjusted trial balance on December 31 follows. Required 1. Prepare an income statement and a

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Santo Company’s adjusted trial balance on December 31 follows.

No. Account Title 101 Cash.... 125 Store supplies... Prepaid insurance 128 167 Equipment .. 168 Accumulated


Required
1. Prepare an income statement and a statement of retained earnings for the year, and a classified balance sheet at December 31. 

The Retained Earnings account balance was $25,650 on December 31 of the prior year.

2. Prepare the December 31 closing entries.

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