How much net income did Ulrich earn during 20X2? (p. 147) Prepare a T-account for Retained Earnings…
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(Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of Ulrich Corporation at December 31, 20X2:
Cost of services sold
$11,600
Service revenue
$23,600
Accumulated depreciation
17,800
Depreciation expense
4,100
Selling, general, and administrative expense
6,900
Other revenue
600
Retained earnings, December 31, 20X1 1,900
1,900
Dividends
400
Income tax expense
400
Income tax payable
300
How much net income did Ulrich earn during 20X2? (p. 147) Prepare a T-account for Retained Earnings to show the December 31, 20X2, balance of Retained Earnings.