The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet.Prepare the necessary closing entries.
Definitions:
Rate Of Return
The percentage of gain or loss on an investment over a specified period, representing the profitability as a ratio of original investment.
Heirs
Individuals legally entitled to receive a portion or all of a deceased person’s estate under the laws of inheritance.
Birth Rate
The annual number of births per 1,000 people in a population.
Population
The total number of individuals or entities within a defined area or group at a specific time.
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