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maxonik [38]
2 years ago
13

The following table contains financial information for Trumpeter Inc. before closing entries:

Business
1 answer:
Diano4ka-milaya [45]2 years ago
5 0

Answer:

Please see details below:

Explanation:

Net Income

Sales  $29.700  

Salaries Expenses  -$4.900  

Miscellaneous Expenses -$20.300  

=================================

Net Income                 $4.500

Balance Sheets

Assets  

Cash  $12.200  

Prepaid Rent $3.800  

Equipment  $66.600  

Supplies  $6.200  

TOTAL ASSETS   $88.800  

Liabilities  

Accounts Payable   $4.200  

TOTAL LIABILITIES   $4.200  

Equity  

Common Stock   $67.400  

Retained Earnings   $17.200  

TOTAL EQUITY   $84.600  

 

Dividends  $3.600  

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