The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue
Question:
The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $126,000; Salaries Expense $90,000; Repairs and Maintenance Expense $15,000; and Income Tax Expense $4,200. The statement of changes in equity shows an opening balance for Retained Earnings of $50,000 and Dividends $5,000.
(a) Calculate the profit or loss for the year.
(b) Prepare the closing journal entries.
(c) Using T accounts, post the closing entries, and determine the ending balances.
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a Service revenue 126000 Expenses Salaries expense 90000 Repairs and maintenance expense 15000 Incom...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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