The 2013 income statement of Coca-Cola Enterprises, Inc. is as follows. Prepare the closing entry for 2013 for the income statement temporary accounts using good journal entry form!

Coca-Cola Enterprises, Inc.

Income Statement

For the Year Ended December 31, 2013

…………………………………………….................................(In millions)

Net revenues…………………………………….........................$8,212

Cost of goods sold……………………………….......................5,350

GROSS PROFIT………………………………….........................2,862

Selling, general and administrative ………………..........1,948

OPERATING INCOME…………………………........................914

Interest expense, net………………………………................103

Other non-operating income (expense)…………….......(6)

INCOME BEFORE INCOME TAXES…………..................805

Income taxes………………………………………...................138

NET INCOME……………………………………....................$667

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Closing entry of revenue Dr Cr Revenue 8212 Retai... View the full answer