The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved

Question:

The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him.

1. Balance sheets as of December 31, 2020 and 2021.

2. The owner withdrew $105,000 in 2021 for his personal use.

3. The business incurred total expenses of $168,000 for 2021, of which $126,000 was for wages and $42,000 was for advertising.

Required

1. Calculate the profit and total revenue for 2021.

2. Prepare closing entries for 2021.

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Related Book For answer-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 30, 2019 04:36 AM

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The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved

Question:

2021 2020 Assets. Liabilities. Capital ........... $168,000 $ 42,000 126,000 $210,000 $ 63,000 147,000 *************** $168,000 $210,000

Step by Step Answer:

Part 1 Profit 105000 147000 126000 84000 Or Total revenues 84...View the full answer

Fundamental Accounting Principles Volume I

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