Question - On December 31, 2016 Ditka Inc had Retained Earnings of $276,800 before is doing entries were prepared and posted. During 2016, the company had service revenue of $177,100 and interest revenue of $85,800. The company used supplies in the amount of $92,400, advertising expenses were $17,300, salaries and wages totaled $19,650, and income tax expense was calculated as $15,500. During the year, the company declared and paid dividends of $6,900.
Prepare the closing entries dated December 31, 2016.