The income statement for Joes Asphalt, Inc., for the year ended December 31, 2012, is as follows:
Question:
Dividends of $36,000 were paid on December 30, 2012.
Required:
1. Give the entry required on December 31, 2012, to properly close the income statement accounts.
2. Give the entry required to close the dividends account at December 31,2012.
Transcribed Image Text:
Joe's Asphalt, Inc. Income Statement For the Year Ended December 31, 2012 Sales revenue Less expenses: 5904,000 Cost of goods sold.。.。.. .. Salaries expense S726,000 144,000 10,500 7,640 9,860 22,400 Office supplies expense Insurance expense . Property tax expense Total expenses.. 920,400 S(16,400) Net loss.
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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