Rupert Engineering Corp. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, March 31, 2014, is shown below:

Instructions
(a) Prepare an income statement, statement of retained earnings, and balance sheet.
(b) Journalize the closing entries.
Taking It Further
Are there any differences between the retained earnings account for corporations and the owner's capital account used for proprietorships?

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RUPERT ENGINEERING CORP Adjusted Trial Balance March 31, 2014 Credit 65,400 31,150 7,300 148,000 Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Income tax payable Unearned revenue Note payable ($10,000 is due within the next year) Preferred shares ($3.75 cumulative, 500 issued) Common shares (35,000 issued) Retained earnings Cash dividends-preferred Cash dividends-common Consulting revenue Depreciation expense Income tax expense Interest expense Rent expense Salaries expense Supplies expense $ 29,600 14,200 1,900 40,000 18,750 50,000 65,000 1,875 53,125 315,500 14,800 21,200 2,400 36,000 140,300 15,900 $537,450 $537,450