Prepare the necessary closing entries at december 31

Problem: The December 31, 2011 adjusted trial balance for Supplementary Corporation is presented below.

Account Title	Debits	Credits

Cash	21,000
Accounts receivable	300,000
Allowance for uncollectible accounts		20,000
Prepaid rent expense	10,000
Inventory	50,000
Equipment	600,000
Accumulated depreciation - equip		250,000
Accounts payable		40,000
Note payable (due in six months)		60,000
Salaries payable		8,000
Interest payable		2,000
Capital stock		400,000
Retained earnings		100,000
Sales revenue		800,000
Cost of goods sold	480,000
Salaries expense	120,000
Rent expense	30,000
Depreciation expense	60,000
Interest expense	4,000
Bad debt expense	5,000	________
Totals	1,680,000	1,680,000

Required:

1. Prepare the necessary closing entries at December 31, 2011.

2. Prepare a multiple-step income statement at December 31, 2011.

3. Prepare a classified balance sheet at December 31, 2011.

In february one of team shirts best customers went bankrupt : in february one of team shirts best customers went bankrupt owing team shirts 85.nbsp team shirts uses the sales method

Scroll all the way down to finicials and click on income : 1.pepsico near the top of table 2-5 in the chapter is a company that provides comprehensive finicial statements. go to

Sande corporation makes a product with the following : sande corporation makes a product with the following standard costs in november the companys budgeted production was

Discuss these assumptions in the context of noise as : please read the attached article and answer the following questions1. state the assumptions of the capm mm propositions

Prepare the necessary closing entries at december 31 : problem the december 31 2011 adjusted trial balance for supplementary corporation is presented

Financial statements are a product of the accounting cycle : financial statements are a product of the accounting cycle. think about two different companies a manufacturing company

What is the purpose of a bank reconciliation what are the : what is the purpose of a bank reconciliation? what are the reasons for differences between the cash reported in the

If a cpa fi rm completes a nonpublic company audit of adam : if a cpa fi rm completes a nonpublic company audit of adam companys fi nancial statements following aicpa generally

This time of year we all here about football for me it is : this time of year we all here about football. for me it is the bad news of how poorly the buffalo bills are