Search the Securities and Exchange Commission website (https://www.sec.gov/edgar/ searchedgar/companysearch.html) and locate the latest Form 10-K for a

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Search the Securities and Exchange Commission website (https://www.sec.gov/edgar/ searchedgar/companysearch.html) and locate the latest Form 10-K for a company you would like to analyze. Submit a short memo:
• State the name and ticker symbol of the company you have chosen.
• Review the company’s end-of-period Balance Sheet, Income Statement, and Statement of Retained Earnings.
• Use the information in these financial statements to answer these questions:
A. If the company had used the income summary account for its closing entries, how much would the company have credited the Income Summary account in the first closing entry?
B. How much would the company have debited the Income Summary account in the second closing entry?

Provide the web link to the company’s Form 10-K, to allow accurate verification of your answers.

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Related Book For  book-img-for-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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