Question: These partially completed Income Statement columns from a 10-column work sheet are for the Winston Sail'em Boat Rental Company for the year ended December 31,

These partially completed Income Statement columns from a 10-column work sheet are for the Winston Sail'em Boat Rental Company for the year ended December 31, 2014. Use the information to determine the amount that should be entered on the net income line of the work sheet. In addition, prepare closing entries for the company. The owner's name is Carl Winston, and the preclosing balance of the withdrawals account is $18,000.

Debit Credit Rent earned 99,000 12,000 Depreciation expense, boats21,500 Net income...

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