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E4-11 work sheet are for Welch’s Red Sail Rental Company

Price: $2.99


These partially completed Income Statement columns from a 10-column work sheet are for Welch’s Red
Sail Rental Company. (1) Use the information to determine the amount that should be entered on the net income line of the work sheet. (2) Prepare the company’s closing entries. The owner, L. Welch, did not make any withdrawals this period.

Account Title Debit Credit

Rent earned . . . . . . . . . . . . . . . . . . . . . . 102,000
Salaries expense . . . . . . . . . . . . . . . . . . . 45,300
Insurance expense . . . . . . . . . . . . . . . . . 6,400
Dock rental expense . . . . . . . . . . . . . . . . 15,000
Boat supplies expense . . . . . . . . . . . . . . . 3,200
Depreciation expense—Boats . . . . . . . . 19,500
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . .

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