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Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. BENEISH CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Dividends Service fees earned $ 8,000 13,000 156,000 $ 28,000 20,000 86,000 41,200 16,000 142,000 36,000 74,200 14,000 $317,200 $317,200 Rent expense Salaries expense Depreciation expense Totals (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) Beneish Corporation Income Statement For Year Ended December 31 $ Rent expense Salaries expense Depreciation expense Net income $ Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ Stock issuance $ $ Net income Balance at December 31, End $ $ $ Note: Use a negative sign with your accumulated depreciation answer. To close revenue account. (2) To close rent expense account. (3) 3 To close salaries expense account. (4) To close depreciation expense account. (5) > To close dividend account. (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) Beneish Corporation Income Statement For Year Ended December 31 $ Rent expense Salaries expense Depreciation expense Net income $ Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ Stock issuance $ $ Net income Balance at December 31, End $ $ $ Note: Use a negative sign with your accumulated depreciation answer. (C)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. Enter beginning balances in the appropriate answer box. Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. Compute the ending balances. . Retained Earnings Service Fees Earned Rent Expense Beg Bal. Beg Bal. Beg Bal. End Bal. End Bal. End Bal. Depreciation Expense Salaries Expense Dividends Beg Bal. Beg Bal. Beg Bal. End Bal. End Bal. End Bal. Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. BENEISH CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Dividends Service fees earned $ 8,000 13,000 156,000 $ 28,000 20,000 86,000 41,200 16,000 142,000 36,000 74,200 14,000 $317,200 $317,200 Rent expense Salaries expense Depreciation expense Totals (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) Beneish Corporation Income Statement For Year Ended December 31 $ Rent expense Salaries expense Depreciation expense Net income $ Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ Stock issuance $ $ Net income Balance at December 31, End $ $ $ Note: Use a negative sign with your accumulated depreciation answer. To close revenue account. (2) To close rent expense account. (3) 3 To close salaries expense account. (4) To close depreciation expense account. (5) > To close dividend account. (a) Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance sheet as of December 31. There were no stock issuances or repurchases during the year. (Do not use negative signs with your answers unless otherwise noted.) Beneish Corporation Income Statement For Year Ended December 31 $ Rent expense Salaries expense Depreciation expense Net income $ Note: Use a negative sign for any answer that decreases the balance. Beneish Corporation Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31, Beg $ Stock issuance $ $ Net income Balance at December 31, End $ $ $ Note: Use a negative sign with your accumulated depreciation answer. (C)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. Enter beginning balances in the appropriate answer box. Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. Compute the ending balances. . Retained Earnings Service Fees Earned Rent Expense Beg Bal. Beg Bal. Beg Bal. End Bal. End Bal. End Bal. Depreciation Expense Salaries Expense Dividends Beg Bal. Beg Bal. Beg Bal. End Bal. End Bal. End Bal

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