Morris Landscape Supply’s selected accounts as of December 31, 2016, follow.
Compute the gross profit percentage for 2016.
Selling Expenses.........$ 13,100
Interest Revenue......... 1,500
Sales Returns and Allowances ..... 5,000
Sales Revenue........... 141,000
Cost of Goods Sold......... 112,000
Sales Discounts......... 1,900
Administrative Expenses...... 10,100
Requirements
1. Journalize the required closing entries for D & L Printing Supplies assuming that D & L uses the periodic inventory system.
2. Determine the ending balance in the Retained Earnings account.