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Questions 17 through 22 - Closing Entries - Financial Statement Amounts The following is Baker Cos Pre-Closing Trial Balance

Accounts Payable 12.000 Note Payable 15.000 Interest Payable 2,000 Unearned Revenue 8,000 100% Dividends Payable 6,000 Common
M 59 Select the closing entry Smith should make to close their Revenue accounts, alter preparing the December 31, 2020 Balanc
May Retained Earning 125.000 Cost of Goods Sold 92.000 Sales Revenue 217,000 100% D. Sales Revenue 217,000 Unearned Revenue 8
M P18 5a Select the closing entry Smith should make to close their expense accus) ter preparing the December 31, 2020 Balance
k. Cost of Goods Sold 92.000 Depreciation Expense 18.000 100% Wages Expense 147,000 Supplies Expense 14.000 Collapse interest
Based on Smilys account balances, the mount of Metinchehow ones Income Statement for December 2020 would be O $54,000 $55,0
Based on Smis account balances the amount of Totates that wow he shows alance Sheet as of December 31, 2020 would be OSO 43
0 0
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Answer #1
1) Closing entry A
2) Closing entry A
3) net income
55,000
q20) total assets
159,000
Q21) total liabilities
43,000
Q22) total equity
116000
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