MGMT 1A Chapter Notes - Chapter CR: Trial Balance, Income Statement

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Below dr. col mn o al on income shee . Below cr. col mn o al on balance shee : en er final o als for all balance shee and income s a emen col mns. Income summary = a very, very emporary acco n we se o close o he emporary: close o reven e acco n o income s mmary. 32,000: close o expense acco n s o income s mmary (close o each expense. 2,846: close o income s mmary o capi al. Iv. t-acco n s and solving for informa ion con ained therein. A 12 / 31 / x1 eq i y = 45,000. A 12 / 31 / x2 . Case #2 : ass me flynn inves ed ,000 and wi hdrew ,000, wha was he ne income or ne loss. End eq i y = beg. eq i y + c. c. + ne income - drawings.

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