From the following items in the Income Statement columns of the work sheet of Sailors Co.at December 31,20x5,prepare the closing entries without explanations,assuming that a $100 withdrawal was made by the owner during the period.
Definitions:
Current Ratio
A liquidity ratio that measures a company's ability to pay short-term obligations with its current assets.
Net Margin
A profitability metric calculated as net income divided by revenue, expressing the percentage of revenue that remains as profit after all expenses are deducted.
ISO 9000
A set of international standards on quality management and quality assurance developed to help companies effectively document the quality system elements required for maintaining an efficient quality system.
International Marketplace
The global economic environment in which businesses operate, allowing for the exchange of goods and services across national borders.
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