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Prepare a t-account for retained earnings

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Reference no: EM133036363

Question - 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

Required -

1. How much net income did ShipIT Transportation Inc. earn during the year ended December 31, 2016?

2. Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings.

Reference no: EM133036363

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