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How much net income did ShiplT Transportation Inc earn

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Reference no: EM132584913

Question 1: Prepare the required closing entries for the following selected accounts from the records of shipIT Transportation Inc. at December 31, 2016.

Cost of services sold                       $11,600

Accumulated depreciation                  17,800

Selling, general, and administrative exp. 6,900

Retained earnings, December 31, 2015    1,900

Service revenue                                  23,600

Depreciation expense                           4,100

Other revenue                                     600

Income tax expense                              40

Dividends                                            400

Income tax payable                               300

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

Reference no: EM132584913

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