Company XYZ has the following adjusted trial balance at the end of the fiscal year: Account...

 

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Company XYZ has the following adjusted trial balance at the end of the fiscal year: Account Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Common Stock Retained Earnings (Beginning) Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Debit ($) $12,500 $8,700 $2,000 $50,000 $4,000 $12,000 $5,500 $6,000 $1,200 Company XYZ's fiscal year-end tax rate is 25%. (a) Prepare the closing entries for Company XYZ. (b) Calculate the net income for the fiscal year. (c) Determine the ending balance of Retained Earnings. Credit ($) $8,000 $7,200 $1,500 $30,000 $15,000 $35,000 Company XYZ has the following adjusted trial balance at the end of the fiscal year: Account Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Common Stock Retained Earnings (Beginning) Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Debit ($) $12,500 $8,700 $2,000 $50,000 $4,000 $12,000 $5,500 $6,000 $1,200 Company XYZ's fiscal year-end tax rate is 25%. (a) Prepare the closing entries for Company XYZ. (b) Calculate the net income for the fiscal year. (c) Determine the ending balance of Retained Earnings. Credit ($) $8,000 $7,200 $1,500 $30,000 $15,000 $35,000

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