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Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending...

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Accounting

Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending December 31, 2015, is:

Solomon Corporation Adjusted Trial Balance December 31, 2015
Debit Credit
Cash $9,680
Accounts Receivable 15,730
Equipment 188,760
Accumulated Depreciation $33,880
Notes Payable 24,200
Common Stock 104,060
Retained Earnings 30,492
Service Fees Revenue 171,820
Rent Expense 43,560
Salaries Expense 89,782
Depreciation Expense 16,940
Totals $364,452 $364,452

(a) Prepare its income statement and statement of stockholders' equity for the current year, and its balance sheet for the current year-end. Cash dividends were $19,360 and there were no stock issuances or repurchases. (b) Prepare entries to close its temporary accounts in journal entry form. (c) Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, what is the post-closing balance of the Retained Earnings account?

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