Reference no: EM132539077
Question - The income statement columns of Swanson Company's year-end worksheet
Sales $600,000
Sales Returns and Allowances 30,000
Accounts Receivable 120,000
Cost of Goods Sold 475,000
Freight out 4,000
Advertising Expense 8,000
Accounts Payable 25,000
Rent Expense 32,000
Office Supplies 1,800
Store Salaries Expense 63,000
Utilities Expense 12,000
Amortization Expense 5,000
Merchandise Inventory 31,000
Sargent, Capital 121,000
Sargent, Drawings 6,000
Required -
A) Prepare end of the period closing entries for the Swanson. OMIT Explanations.
B) What is the closing Capital Balance for Sargent?
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