The following data were taken from the accounting records of Li Company at December 31,2016 after adjusting entries have been entered.The December 31,2016 closing entries have not been made.

Required:
a)List the accounts that should be closed at the end of 2016.
b)Prepare an income statement for Li Company for 2016.
c)What is the balance in retained earnings after closing entries have been made?

Question

The following data were taken from the accounting records of Li Company at December 31,2016 after adjusting entries have been entered.The December 31,2016 closing entries have not been made.
  
Required:
a)List the accounts that should be closed at the end of 2016.
b)Prepare an income statement for Li Company for 2016.
c)What is the balance in retained earnings after closing entries have been made?

Quizplus · Accepted Answer

The Answer of The following data were taken from the accounting records of Li Company at December 31,2016 after adjusting entries have been entered.The December 31,2016 closing entries have not been made.
  
Required:
a)List the accounts that should be closed at the end of 2016.
b)Prepare an income statement for Li Company for 2016.
c)What is the balance in retained earnings after closing entries have been made?

The Following Data Were Taken from the Accounting Records of Li