On december 31 2016 ditka inc had retained earnings of, Ask an Expert

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On December 31, 2016, Ditka Inc. had Retained Earnings of $269,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $170,100 and interest revenue of $82,300. The company used supplies in the amount of $88,900, advertising expenses were $16,600, salaries and wages totaled $18,600, and income tax expense was calculated as $14,100. During the year, the company declared and paid dividends of $6,200. Required: a. Prepare the closing entries dated December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91763423

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