The Following Data Were Taken from the Accounting Records of Li

question 97

Essay

The following data were taken from the accounting records of Li Company at December 31, Year 1 after adjusting entries have been entered. The December 31, Year 1 closing entries have not been made.
$\begin{array}{llr}\text { Service revenue } & 166,000 \\\text { Retained earnings } & 95,000 \\\text { Accounts receivable } & 26,500 \\\text { Salaries expense } & 88,000 \\\text { Operating expense } & 15,400 \\\text { Accounts payable } & 22,800 \\\text { Supplies expense } & 760 \\\text { Prepaid rent } & 4,000 \\\text { Common stock } & 90,000\\ \text { Supplies } &400\\ \text { Dividends } &2,400\\ \text { Insuxance expense} &1,600\\ \text { Rent expense} &20,000\\ \text {Unearned revenue } &1,530\\\end{array}$
Required:List the accounts that should be closed at the end of Year 1.Prepare an income statement for Li Company for Year 1.What is the balance in retained earnings after closing?

Identify the stages of cognitive development according to Piaget.

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