Reference no: EM132864328
Question - Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is:
Solomon Corporation Adjusted Trial Balance December 31, 2018
Cash $4,000
Accounts Receivable 6,500
Equipment 78,000
Accumulated Depreciation $14,000
Notes Payable 10,000
Common Stock 43,000
Retained Earnings 12,600
Service Fees Revenue 71,000
Rent Expense 18,000
Salaries Expense 37,100
Depreciation Expense 7,000
Totals $150,600
Required -
(a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases.
(b) Prepare entries to close its temporary accounts in journal entry form.
(c) Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, what is the post-closing balance of the Retained Earnings account?