Use the Vulture Sporting Goods Company data in Short Exercise to make the companys closing entries at

Use the Vulture Sporting Goods Company data in Short Exercise to make the company’s closing entries at March 31, 2010.

Then set up a T-account for Retained Earnings and post to that account. Compare Retained Earnings ending balance to the amount reported on Vultures statement of retained earnings and balance sheet. What do youfind?

Transcribed Image Text:

Retained earnings, March 31, 2009.. Accounts receivable.... Net revenues Total current liabilities.. All other expenses... Other current assets.. Other as Cost of goods sold$136,800 1,300 6,000 27,000 37,000 12,500 2,000 28,200 Property and equipment, net.. 174,000 Common stock 53,000 Inventories 26,000 Long-term liabilities 5,200 Divi 28,000