Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending...
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Accounting
Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending December 31, 2015, is:
Solomon Corporation Adjusted Trial Balance December 31, 2015
Debit
Credit
Cash
$9,680
Accounts Receivable
15,730
Equipment
188,760
Accumulated Depreciation
$33,880
Notes Payable
24,200
Common Stock
104,060
Retained Earnings
30,492
Service Fees Revenue
171,820
Rent Expense
43,560
Salaries Expense
89,782
Depreciation Expense
16,940
Totals
$364,452
$364,452
(a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $19,360 and there were no stock issuances or repurchases. (b) Prepare entries to close its temporary accounts in journal entry form. (c) Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, what is the post-closing balance of the Retained Earnings account?
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