Exercise 12-16 Closing entries for a corporation LO6Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023:        Accounts Payable $ 25,560  Accounts Receivable   39,000  Accumulated depreciation, Equipment   10,540  Accumulated depreciation, Warehouse   21,080  Cash   8,200  Cash Dividends   19,400  Common Shares   110,000  Equipment   78,200  Income Tax Expense   40,400  Land   115,600  Notes Payable, due in 2026   33,400  Operating Expenses   109,000  Preferred Shares   39,000  Retained Earnings   27,520  Revenue   269,500  Warehouse   126,800  The company uses an income summary account in the closing process. Required:1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company’s year-end.

Use the following information for the Exercises below. (Algo)Skip to question[The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow.At December 31 Current Year 1 Year Ago 2 Years AgoAssets      Cash $ 32,463 $ 37,563 $ 39,527Accounts receivable, net 96,939 67,077 52,703Merchandise inventory 120,687 89,524 58,987Prepaid expenses 10,877 9,760 4,525Plant assets, net 294,813 275,196 247,558Total assets $ 555,779 $ 479,120 $ 403,300Liabilities and Equity      Accounts payable $ 134,237 $ 80,162 $ 52,171Long-term notes payable 102,397 110,198 90,912Common stock, $10 par value 163,500 163,500 163,500Retained earnings 155,645 125,260 96,717Total liabilities and equity $ 555,779 $ 479,120 $ 403,300For both the current year and one year ago, compute the following ratios:Exercise 17-6 (Algo) Common-size percents LO P2Express the balance sheets in common-size percents

Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation.SMART TOUCH LEARNINGPost-Closing Trial BalanceDecember 31, 2016BalanceAccount Title Debit CreditCash 26,500 Accounts Receivable 5,100 Office Supplies 300 Prepaid Insurance 8,800 Prepaid Rent 8,800 Furniture 31,100 Accumulated Depreciation--Furniture 10,600Accounts Payable 14,100Salaries Payable 2,100Utilities Payable 1,000Interest Payable 1,400Unearned Revenue 26,600Bright, Capital 24,800Total 80,600 80,600

LO 5.2 Which of these accounts is included in the post-closing trial balance?Choose one answer from the options below.A. Sales RevenueB. Salaries ExpenseC. Retained EarningsD. Dividends

The balance sheet shows the following accounts and amounts:Cash $26,000; Short-term Debt $42,000; Buildings and Equipment $840,000; Inventory, $88,000; Notes Payable $120,000; Accumulated Depreciation $220,000; Common Stock $160,000; Accounts Receivable $76,000; Retained Earnings $474,000; Accounts Payable $34,000.Total assets on the balance sheet are:Multiple Choice$1,030,000.$734,000.$1,250,000.$810,000.

LO 5.1 Which of these accounts would be present in the closing entries?Choose one answer from the options below.A. Dividends B. Accounts ReceivableC. Unearned Service RevenueD. Sales Tax Payable