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, 2014 and 2015.
2. The owner withdrew $105,000 in 2015 for his personal use.
3. The business incurred total expenses of Assets. $168,000 for 2015, of which $126,000 was for wages and $42,000 was for advertising.
Required
1. Calculate the net income and total revenue for 2015.
2. Prepare closing entries for 2015.

Transcribed Image Text:

2015 2014 .168,000 $210,000 Assets. Liabilities Capital 42,000 63,000 126,000 147,000 $168,000 $210,000