Question: Use the Sparrow Sporting Goods Company data in Short Exercise 3-15 to make the companys closing entries at March 31, 2012. Then set up a

Use the Sparrow Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at March 31, 2012. Then set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings’ ending balance to the amount reported on Sparrow’s statement of retained earnings and balance sheet. What do you find?

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CLOSING ENTRIES Thousands Mar 31 Net Revenues 175500 Retained Earnings 175500 31 ... View full answer

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