Reference no: EM132480710

Memphis Ltd is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, Oct 31,2021. The following information has been taken from the adjusting trial balance.

accounts payable 18,000

cash dividend 40,000

common shares. 150,000

depreciation expense 15,250

dividend payable 10,000

income tax expense 29,740

income tax payable 2,500

insurance expense 5,100

interest expense. 1400

note payable. 55,000

rent expense. 38,800

retained earnings (nov 1, 2020) 610,000

salary expense 175,750

service revenue 385,000

unearned revenue 14,000

Question a) prepare multi income statement for the yr

Question b) prepare statement of retained earnings for the yr

Question c) prepare closing entries

Question d) post the closing entries to the income summary and retained earning account and compare with the financial statements