Go to the Roots website and find its 2017 Annual Report. Form groups of three and complete the following questions:

Required
1. Refer to the income statement on page 42 of the report. Prepare the required closing entries to:
a. Close the revenue accounts.
b. Close the expense accounts.
2. Refer to page 46 of the report and indicate when the closing entries would be recorded. In other words, what is the fiscal year-end date?

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Blueprint of Financial Reports Income Statement Measuring performance Revenue Less: Operating expenses: Expense 1 Expense 2 Expense 3 Net Income Ⓒ Statement of Owner's Equity Calculating new figure for Capital 3 Balance Sheet Showing where we now stand Beginning Capital Additional Investments Total Investments Net Income (or Loss) Less: Withdrawals Change in Capital Ending Capital Asset 1 Asset 2 Asset 3 Assets Total Assets XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX Liabilities and Owner's Equity Liabilities Owner's Equity Ending Capital XXX Total Liabilities + Owner's Equity XXX XXX XXX