Financial Statements and Closing Entries Perfect Smile's financial statements are shown below.

  

 

Required:

1. Record the closing entries for the month.

 

2. Examine the company's cash flow statement. What is the cash flow pattern for the first month of operations?

 

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Question 5: Financial Statements and Closing Entries Perfect Smile's financial statements are shown below. Perfect Smiles Company Statement of Income For the month ended January 31 2018 Sales Revenue $383,455 189,416 194,039 Cost of Goods Sold: Gross Profit Margin Operating expenses Depreciation expense 317 Rent expense Wages expense Total operating expenses Operating income Other Revenues and Expenses 1,417 26,200 27,933 Service Revenue 15,833 Total Other Revenues and Expense 15,833 Income before tax 181,939 Income tax expense 34,000 Net Income (Loss): 147,939 Question 5: Financial Statements and Closing Entries Perfect Smile's financial statements are shown below. Perfect Smiles Company Statement of Income For the month ended January 31 2018 Sales Revenue $383,455 189,416 194,039 Cost of Goods Sold: Gross Profit Margin Operating expenses Depreciation expense 317 Rent expense Wages expense Total operating expenses Operating income Other Revenues and Expenses 1,417 26,200 27,933 Service Revenue 15,833 Total Other Revenues and Expense 15,833 Income before tax 181,939 Income tax expense 34,000 Net Income (Loss): 147,939