Use Superior Corporation's trial balance and financial statements from the previous Work Together exercise. A general journal is given in the Working Papers.

Record the following closing entries on page 19 of the general journal.

b. Close the income statement accounts with debit balances.

Use Top-Light Corporation's trial balance and financial statements from the previous Problems. A general journal is given in the Working Papers.

Record the following closing entries on page 21 of the general journal.

Close the income statement accounts with credit balances.

Use Superior Corporation's trial balance and financial statements from the previous Work Together exercise. A general journal is given in the Working Papers.

Record the following closing entries on page 19 of the general journal.

a. Close the income statement accounts with credit balances.

The adjusted trial balance for Superior Corporation for the year ended December 31 of the current year is given in the Working Papers. The beginning merchandise inventory amount is $86,789.15.

Prepare a balance sheet for the current year.

Plumbing Central's December 31 account balances for the current year are shown below. The balances include the adjusting and closing entries.

Prepare a post-closing trial balance on the form provided in the Working Papers.

The adjusted trial balance for Superior Corporation for the year ended December 31 of the current year is given in the Working Papers. The beginning merchandise inventory amount is $86,789.15.

Prepare a statement of stockholders' equity for the current year. As of January 1, Superior Corporation had issued 8,000 shares of capital stock with a par value of$10.00 per share. During the fiscal year, the corporation issued 250 additional shares of capital stock.

A form for completing this problem and an adjusted trial balance for Top-Light Corporation for the year ended December 31 of the current year are given in the Working Papers. The beginning balance of Merchandise Inventory is $90,260.72.

Prepare a statement of stockholders' equity for Top-Light Corporation for the fiscal year ended on December 31 of the current year. Use the fol lowing additional information.

Capital stock outstanding on January 1                      2,000 shares
Capital stock issued during the year                          300 shares
Capital stock par value$25.00
Retained earnings, January 1                                  $50,403.31

Lakeland Marina operates six marinas on Lake Martin. Located in a northern climate, the company earns more than 70% of its annual revenues during three summer months. The money earned during these months is needed to operate the marinas during the cold winter months when sales plummet.

Daniel Ellis, CPA, is the chief financial officer of the company. He is responsible for investing excess cash until it is needed to pay operating expenses during the winter months. The company's board of directors has a policy that restricts how Daniel can invest the cash. Daniel is limited to buying the stock of companies listed in the S&P 500. The S&P 500 is a collection of large American companies. He constantly monitors the market prices of stocks in the portfolio to evaluate his investment decisions.

Lakeland Marina maintains an account with an online investment company. Each month, Daniel downloads information on the company's stock portfolio and calculates the amounts to be reported on the income statement and balance sheet. Daniel also obtains this information when selling stock to finance the company's operations during the winter months.

Daniel estimates that he will need to sell $30,000 of stock to finance the company's operations for the next month. To determine which stock to sell, Daniel attempts to predict which stocks are least likely to increase in value. He tends to hold stock that is reaching its 52-week high that is also far from reaching the 12-month price target as determined by the investment company's financial analysts.

Complete the worksheet to answer the following questions:

What is the current value of the investments?

A form for completing this problem and an adjusted trial balance for Top-Light Corporation for the year ended December 31 of the current year are given in the Working Papers. The beginning balance of Merchandise Inventory is $90,260.72.

Prepare a balance sheet for the current year.

Capital stock outstanding on January 1                      2,000 shares
Capital stock issued during the year                          300 shares
Capital stock par value$25.00
Retained earnings, January 1                                  $50,403.31

If you have ever been to a museum of history, you probably realize that the museum artifacts and the way they are displayed tell a story. Have you ever thought about the person who created the display? A curator is a person in charge of collecting, preserving, displaying, and documenting museum objects.

In a small museum, the curator is often the only paid employee. The curator determines what objects to collect and how to safeguard them, as well as what research will be done. He or she plans the display of each object and decides what documentation will be used to tell its story. The same collection of objects can tell very different stories depending on how the curator interprets the historical data and chooses to display them.

As the only paid employee, the curator sometimes must also handle the finances and accounting for the museum. That can be a challenging task for a person who may not have any training in accounting. Also, the curator will likely have more interest in the preservation and communication of history than in the museum's finances.

Contact the curator of a museum either in person or via e-mail. Ask the curator if he or she had an accounting course. Also, ask the curator how knowledge of accounting would make him or her more effective in his or her job. Report your findings to the class.

Eastern Imports' adjusted trial balance for the year ended December 31 of the current year is given in the Working Papers. The beginning merchandise inventory amount is $128,110.24.

Prepare a balance sheet for the current year.

Which accounts and balances are listed on a post-closing trial balance? In what order are they listed?

Which accounts and balances are listed on a post-closing trial balance? In what order are they listed?

Selected sections of the adjusted trial balance for KLT Corporation are presented in the Working Papers. The corporation's chart of accounts contains several sales accounts. KLT Corporation also has an account for interest expense. A form for completing this problem is also given in the Working Papers. The beginning balance of Merchandise Inventory is $66,964.96.

Prepare the income statement for KLT Corporation.