The following data were taken from the accounting records of Li Company at December 31,2016 after adjusting entries have been entered.The December 31,2016 closing entries have not been made.
Required:
a)List the accounts that should be closed at the end of 2016.
b)Prepare an income statement for Li Company for 2016.
c)What is the balance in retained earnings after closing entries have been made?
Definitions:
Caterpillars
The larval stage of butterflies and moths, known for their voracious appetite before transitioning into pupae.
Sufficient Condition
A condition or set of conditions that, if met, guarantees that a certain state or event will occur, though it may not be necessary for the occurrence.
Causal Factor
A condition or event that directly influences the occurrence of another event or condition, serving as its cause.
Necessary Condition
A condition that must be present for an event or action to occur.
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