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Question: how do i calculate the income summary thank you...

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How do I calculate the income summary? Thank you!

Cornerstone Exercise (Algorithmic) Preparing and Analyzing Closing Entries 3-27 Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $3,150 5,650 4,480 42,000 $24,000 2,800 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 100,100

eBook Calculator Cash Accounts Receivable Prepaid Insurance $3,150 5,650 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense $24,000 2,800 4,450 3,875 8,000 2,255 . 10,500 TALGO . 100,100 49,400 17,250 2,200 4,950 5,900 $145,480 Totals $145,480 earch di


Preparethe closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 Service Revenue 100,100 Income Summary 100,100 (Close revenues) Dec. 31 Income Summary Salaries Expense Rent Expense Depreciation Expense Insurance Expense 49.,400 17,250 4,950 2,200 5,900 Income Tax Expense (Close expenses) Dec. 31 Income summary Retained Earnings (Close Income Summary) Retained Earnings Dec. 31 Dividends 10,500 (Close Dividends) Check My Work 3 more Check My Work uses remaining.


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