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The Retained earnings account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?

A sole proprietorship is a business owned by one or more persons.

Information to prepare the statement of cash flows usually comes from (a) comparative balance sheets, (b) current income statement, and (c) additional information.

Refer to the following selected financial information from Elvis, Corp. Compute the company’s days’ sales in inventory for Year 2. (Use 365 days a year.)    Year 2   Year 1   Merchandise inventory 271,000   253,500   Cost of goods sold 486,400   433,100  

The purchase of land and buildings will generally be recorded in the same ledger account.

Which of the following purposes would financial statements serve for external users?

Preparation of the statement of cash flows does not involve:

Business activities that generate or use cash are classified as operating, investing, or financing activities on the statement of cash flows.

In preparing a company’s statement of cash flows for the most recent year using the indirect method, the following information is available:     Net income for the year was $ 52,000 Accounts payable decreased by   18,000 Accounts receivable increased by   25,000 Inventories increased by   5,000 Depreciation expense was   30,000 Net cash provided by operating activities was:

External users of financial information: