Question

Xmet Inc. showed the following alphabetized list of adjusted account balances at December 31, 2014:
Accounts Payable ........................ $ 25,760
Accounts Receivable.................... 39,200
Accum. Deprec., Equip. ............... 10,640
Accum. Deprec., Warehouse ....... 21,280
Cash ........................................... 8,400
Cash Dividends ........................... 19,600
Common Shares ......................... 112,000
Equipment .................................. 78,400
Income Tax Expense .................. $ 40,600
Land .......................................... 117,600
Notes Payable, due in 2017 ....... 33,600
Operating Expenses ................... 109,200
Preferred Shares ......................... 39,200
Retained Earnings....................... 27,720
Revenue ..................................... 271,600
Warehouse ................................. 128,800

Required
Assuming normal balances, prepare the closing entries at December 31, 2014, the company’s year-end. Also, calculate the post-closing balance in Retained Earnings at December 31, 2014.



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  • CreatedJanuary 08, 2015
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