From the Following Items in the Income Statement Columns of the Work

question 54

Essay

From the following items in the Income Statement columns of the work sheet of Antin Corporation at December 31,2010,prepare the closing entries,assuming that a $50 dividend was paid during the period (omit explanations).
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\quad$ $\quad$$\text {Income Statement }$
$\begin{array} { | l | r | r| } \hline & \text { Debit } & \text { Credit } \\\hline \text { Service Revenue } & & 3,000 \\\hline \text { Wages Expense } & 1,800 & \\\hline \text { Rent Exggense } & 600 & \\\hline \text { Supplies Exgense } & 300 & \\\hline \text { Income Taxes Expense } & 150 & \\\hline \text { Depreciation Exgense-Building } & 250 & \\\hline & 3,100 & 3,000 \\\text { Net Loss } & & 100 \\\hline & 3,100 & 3,100 \\\hline\end{array}$

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Definitions:

Life Expectancy

The average period that a person is expected to live, based on statistical predictions which can vary by geographical location, gender, and historical period.

Young-Old

The term young-old refers to people in the earlier phase of old age, typically those aged 65 to 74 years, who are often more active and healthy than those in later stages.

Middle-Aged Adult

An individual who is in the middle phase of life, typically considered to be between the ages of 40 and 65.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding over the lifespan.