These partially completed Income Statement columns from a 10-column work sheet are for Browns Bike Rental Company.

These partially completed Income Statement columns from a 10-column work sheet are for Brown’s Bike Rental Company.

(1) Use the information to determine the amount that should be entered on the net income line of the work sheet.

(2) Prepare the company’s closing entries. The owner, H. Brown, did not make any withdrawals thisperiod.

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Account Title Rent earned . Salaries expense Insurance expense Debit Credit 20,000 .._..46,300 . ..16,000 4,200 20,500 ce supplies expense ....- Bike repair expense Depreciation expense-Bikes Totals Net income . ._ _ . . . Totals