The following is the adjusted trial balance taken from the books of Nike Co. on...
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Accounting
The following is the adjusted trial balance taken from the books of Nike Co. on Dec. 31, 2017.
Income tax is 30%
Account Debit Credit
Cash $10,000
Accounts receivable 40,000
Allowance for doubtful accounts $ 2,000
Inventory, 12/31, 2017 50,000
Furniture and equipments 250,000
Accumulated depreciation 120,000
Accounts payable 68,000
Common stock 60,000
Retained earnings 20,000
Dividends 30,000
Sales 400,000
Rental revenue 50,000
Purchase 260,000
Salary expense 90,000
Insurance Expense 20,000
Rent expense 30,000
Totals 750,000 750,000
Instruction:
Prepare any necessary journal entry for income taxes.
Prepare closing entries of Nike Co. for the year 2017.
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