Question

I need I need the closing entries and income statement completed please based on the adjusted trial balance.
6 5 - o x E Income statement.pdf x + v = 0 a 0 file:///C:/Users/Meredith/Desktop/Income%20statement.pdf of lo - + Fit to width Page view | A Read aloud h Add notes o E se Peyton Approved Income Statement For Year Ending 12/31/2017 Bakery Sales Merchandise Sales Total Revenues Merchandise Cost of Goods Sold (FIFO) Baking Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: Net Income

Answer 1

Payton Approved
Closing Entries
For year ending 12/31/2017
Date (2017)	Account Title & Explanation	Debit ($)	Credit ($)
Dec-31	Bakery Sales	335675
	Merchandise sales	35200
	Income summary		370875
Dec-31	Income Summary	287232.61
	Baking cost of goods sold		137400
	Rent Expense		90000
	Interest Expense		1468.75
	Insurance Expense		2000
	Depreciation Expense		2642.86
	Amortization Expense		2000
	Miscellaneous Expense		2780
	Office Supplies Expense		1350
	Business Licence Expense		375
	Advertising Expense		5200
	Wages Expenses		22800
	Telephone Expense		3456
	Merchandise cost of goods sold		15760
Dec-31	Income Summary	83642.39
	Retained earnings (370875 - 287232.61)		83642.39
Dec-31	Retained Earnings	20000
	Dividends		20000

Payton Approved
Income statement
For year ending 12/31/2017                           (in $)
Bakery sales	335675
Merchandise sales	35200
Total Revenues	370875
Merchandise cost of goods sold	-15760
Baking cost of goods sold	-137400
Gross profit (a)	217715
Operating expenses:
Rent Expense	90000
Interest Expense	1468.75
Insurance Expense	2000
Depreciation Expense	2642.86
Amortization Expense	2000
Miscellaneous Expense	2780
Office Supplies Expense	1350
Business Licence Expense	375
Advertising Expense	5200
Wages Expenses	22800
Telephone Expense	3456
Total operating Expenses (b)	134072.61
Net Income (a-b)	83642.39