Business, 01.02.2021 21:40, joej0778

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue $ 536,000
Salaries expense 90,300
Interest revenue 7,400
Advertising expense 12,250
Gain on sale of investments 10,100
Cost of goods sold 294,800
Insurance expense 15,650
Interest expense 4,200
Income tax expense 45,500
Depreciation expense 27,000
Required:
1. Prepare the necessary closing entries at December 31, 2013
2. Record the closure of revenue accounts.
3. Record the closure of expense accounts.
4. Record the transfer of the net profit.

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Presented below is income statement information of the Schefter Corporation for the year ended Decem...