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

question 44

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).
$\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\\hline \text { Service Revenue } & \text { Debit } & \text { Credit } \\\hline \text { Wages Expense } & & 3,000 \\\hline \text { Rent Expense } & 1,800 & \\\hline \text { Supplies Expense } & 600 & \\\hline \text { Income Taxes Expense } & 300 & \\\hline \text { Depreciation Expense-Building } & 150 & \\\hline & 250 & \\\hline \text { Net Loss } & 3,100 & 3,000 \\& & 100 \\\hline&3,100&3,100\\\hline\end{array}$

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Definitions:

Taxes

Essential fees levied by authorities on personal and corporate income, or added onto the costs of selected merchandise, services, and operations.

Tax Revenue

Income earned by the government from taxing individuals and businesses.

Tax

An obligatory fiscal charge or another form of assessment applied to a taxpayer by a government body to finance government operations and diverse public expenses.

Deadweight Loss

Deadweight loss is an economic inefficiency that arises when a market outcome is not optimal, resulting in a loss of total surplus due to factors like taxes or monopolies.