Corporate Finance Assignment/ Professional Essay Writers

Sales Revenue ……………………………………..$578,500

Interest Revenue ………………………………….. 8,100
Accounts Payable …………………………………. 8,330
Wages Expense …………………………………… 405,300
Accounts Receivable, 12/31/2009 ………………… 65,000
Supplies Expense ………………………………….. 65,000
Supplies, 12/31/2009 ……………………………… 179,000
Prepaid Rent ………………………………………. 7,200
Rent Expense ……………………………………… 28,800
Unearned Revenue ………………………………… 12,200
Insurance Expense ………………………………… 94,300
Wages Payable …………………………………….. 11,700
Utilities Expense …………………………………… 14,000
Interest Expense …………………………………… 9,500
Depreciation Expense, Equipment ………………… 20,000
Accumulated Depreciation, Equipment ……………. 75,000
Income Tax Expense ………………………………. 12,300
Income Tax Payable ……………………………….. 8,300
Dividends ………………………………………….. 7,800

Required:

1. Using the accounts and balances above, prepare the closing entries for 2009.

2. Prepare an income statement for Port Austin Boat Repair Inc.  Get FInance Help Today