Question: Based on the following data, calculate the net income for the period and the balance in the account for Nuno Texeira, Capital after the closing
Based on the following data, calculate the net income for the period and the balance in the account for Nuno Texeira, Capital after the closing entry has been posted.
Cash ……………………………………………. $ 12,000
Accounts receivable…………………………… 15,000
Prepaid rent ……………………………………… 1,000
Ironworking equipment…………………………… 30,000
Accumulated depreciation, equipment …………… 9,000
Accounts payable……………………………… 5,000
Notes payable to bank …………………………… 10,000
Nuno Texeira, Capital …………………………… 25,000
Service revenue ………………………………… 30,000
Depreciation expense, equipment …………….. 3,000
Rent expense ……………………………………… 6,000
Salary expense ……………………………………. 14,000
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