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How much net income did SouthWest Transport Inc earn

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Reference no: EM132865009

Question - Prepare the required closing entries for the following selected accounts from the records of SouthWest Transport Inc. at December 31, 2020 (amounts in thousands):

Cost of services sold $11,600

Service revenue $23,600

Accumulated depreciation 17,800

Depreciation expense 4,100

Selling, general, and Other revenue 600

Administrative expense 6,900

Income tax expense 400

Retained earnings, Dividends 400

December 31, 2019 1,900

Income tax payable 300

How much net income did SouthWest Transport Inc. earn during the year ended December 31, 2020?

SETUP A T-account for Retained Earnings to show the December 31, 2020, balance of Retained Earnings?

Reference no: EM132865009

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