Below are excerpts from the work sheets of two businesses as at March 31, 2014. Those rows that calculate totals are at the bottom of the last two sets of columns.
Required
Do the following for each business:
1. Identify the net income or net loss for the year ended March 31, 2014.
2. Prepare the entry to close the Income Summary account to capital.
3. Calculate the post-closing balance in capital at March 31, 2014.
a.

b.

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Balance Sheet and Statement of Income Statement Changes in Equity Debit Debit Credit Credit 263,700300,500 357,300 320,500 36,800 300,500 300,500 357,300 357,300 SO 36,800 The adjusted balances in withdrawals and capital were $17,000 and 363,000, respectively Balance Sheet and Statement of Income Statement Changes In Equity Credit Debit Credit Debit 540,000480,000 945,000 1,005,000 540,000 40,000 1,005,000 1,005,000 The adjusted balances in withdrawals and capital were 60,000 60,000 $0 and $114,000, respectively