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At the end of its first year of operation, Bridgeport Corporation has $1,115,000 of common stock...

At the end of its first year of operation, Bridgeport Corporation has $1,115,000 of common stock and net income of $223,000.
Prepare the closing entry for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Prepare the stockholders’ equity section at year-end.

BRIDGEPORT CORPORATION
Balance Sheet (partial)

$

$

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Answer #1

Answers

  • [1]

Accounts title

Debit

Credit

Income Summary

$223,000

   Retained earnings

$223,000

(to close net income balance)

  • [2]

Partial Balance Sheet

Stockholder's Equity:

Common Stock

$1,115,000

Retained earnings

$223,000

Total Stockholder's Equity

$1,338,000

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