Refer to the data given in E13-7 for Shrunk Inc.

Data from E13-7 for

Instructions
(a) Prepare a statement of retained earnings.
(b) Prepare closing entries and post to the Income Summary and Retained Earnings accounts.

Transcribed Image Text:

Accounts payable Cash dividends-commo Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable 25,500 60,000 200,000 310,000 15,000 30,000 3,000 Interest expense Notes payable Retained earnings (Aug. 1, 2013) Salaries expense Sales Supplies expense Unearned revenue $5,000 100,000 352,000 140,000 665,000 10,000 12,000