Selected financial information from General Mills as of May 29, 2016, follows. $ millions Debit Credit Net
Question:
Selected financial information from General Mills as of May 29, 2016, follows.
$ millions | Debit | Credit |
---|---|---|
Net sales | $16,689.6 | |
Cost of sales | $10,758.9 | |
Selling, general, & administrative expense & other | 3,098.4 | |
Interest expense, net | 329.1 | |
Income tax expense | 780.5 | |
Retained earnings | 12,041.4 |
Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account).
General Journal | ||||
---|---|---|---|---|
Date | Description | Debit | Credit | |
26-May | AnswerCost of salesNet sales retained earnings | Answer | Answer | |
AnswerCost of sales net sales retained earnings | Answer | Answer | ||
To close the revenue account. | ||||
26-May | AnswerCost of sales net sales retained earnings | Answer | Answer | |
AnswerCost of sales net sales retained earnings | Answer | Answer | ||
SG&A expenses and other | Answer | Answer | ||
Interest expense, net | Answer | Answer | ||
Income tax expense | Answer | Answer | ||
To close the expense accounts. |
Net Sales | |||
---|---|---|---|
Answer | 16,689.6 | Bal. | |
Answer | Answer | Bal. |
Retained Earnings | |||
---|---|---|---|
Answer | 12,041.4 | Bal. | |
Answer | Answer | ||
Answer | Answer | Bal. |
Cost of Sales | |||
---|---|---|---|
Bal. | 10,758.9 | Answer | |
Bal. | Answer | Answer |
SG&A Expense | |||
---|---|---|---|
Bal. | 3,098.4 | Answer | |
Bal. | Answer | Answer |
Interest Expense, net | |||
---|---|---|---|
Bal. | 329.1 | Answer | |
Bal. | Answer | Answer |
Income Tax Expense | |||
---|---|---|---|
Bal. | 780.5 | Answer | |
Bal. | Answer | Answer |
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds