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How much net income did shipit transportation inc earn

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Reference no: EM132945177

Problem 1: Prepare the required closing entries for the following selected accounts from the records of ShipIT Transportation Inc. on December 31, 2016.

Cost of services sold $11,600
Accumulated depreciation 17,800
Selling, general, and administrative expense 6,900
Retained earnings, December 31, 2015 1,900
Service revenue 23,600
Depreciation expense 4,100
Other revenue 600
Income tax expense 400
Dividends 400
Income tax payable 300

Problem 2: How much net income did ShipIT Transportation Inc. earn during the year ended December 31, 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings.

Reference no: EM132945177

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