Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500;
Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entries.
BE3-12 Kelly Company had cash receipts from customers in 2012 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, accounts receivable was $13,000, and prepaid expenses were $17,500. At December 31, accounts receivable was $18,600, and prepaid expenses were $23,200.
Compute service revenue and operating expenses.