Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of
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Instructions
1. Prepare an income statement, a retained earnings statement, and a balance sheet.
2. Journalize the entries that were required to close the accounts at July 31.
3. If the balance of Retained Earnings increased $40,000 after the closing entries were posted, and the dividends remained the same, what was the amount of net income or net loss?
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Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
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