These partially completed Income Statement columns from a 10-column work sheet are for Welch€™s Red Sail Rental Company.
(1) Use the information to determine the amount that should be entered on the net income line of the work sheet.
(2) Prepare the company€™s closing entries. The owner, L. Welch, did not make any withdrawals thisperiod.

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Account Title Debit Credit Rent earned .. 02.000 Salaries expense.45,300 Insurance expense Dock rental expense Boat supplies expense . .. Depreciation expense-Boats Totals ^^.. Net income Totals .. 6,400 15.000 3,200 9,500