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Calculate the profit and total revenue

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Question - The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him.

1. Balance sheets as of December 31. 2020 and 2021.

2. The owner withdrew $144,000 in 2021 for his personal use.

3. The business incurred total expenses of $172,800 for 2021, of which $122,000 was for wages and $50,800 was for advertising.

Assets Liabilities

Capital 2021 2020

Required -

1. Calculate the profit and total revenue for 2021.

2. Prepare closing entries for 2021.

Reference no: EM133062721

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