Need help with closing entries.

ADJUSTED

INCOME

BALANCE

ACCT

ACCOUNT

YEAR-END ADJUSTMENTS

TRIAL BALANCE

STATEMENT

SHEET

NO.

TITLE

ID #

DEBIT

ID #

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

ASSETS

10100

Cash

93,304.29

93,304.29

10200

Accounts receivable

48,149.00

48,149.00

10300

Allowance for doubtful accounts

3,028.74

1,879.55

1,879.55

10400

Inventory

90,286.00

191,967.00

191,967.00

10600

Marketable securities

24,000.00

24,000.00

10800

Fixed assets

331,731.40

331,731.40

10900

Accumulated depreciation

35,023.64

116,583.14

116,583.14

LIABILITIES

20100

Accounts payable

7,952.01

7,952.01

20300

Federal income taxes withheld

1,450.00

1,450.00

20400

State unemployment taxes payable

110.44

110.44

20500

Federal unemployment taxes payable

18.67

18.67

20600

F.I.C.A. taxes payable

2,229.32

2,229.32

20700

Federal incomes taxes payable

54,837.12

54,837.12

54,837.12

20900

Interest payable

156.16

156.16

156.16

21000

Notes payable

60,000.00

60,000.00

STOCKHOLDERS' EQUITY

26000

Common stock

225,000.00

225,000.00

29000

Retained earnings

90,264.99

90,264.99

REVENUE AND GROSS PROFIT

30100

Sales

1,590,883.00

1,590,883.00

30200

Sales returns and allowances

61,106.00

61,106.00

30300

Sales discounts taken

15,405.82

15,405.82

30400

Cost of goods sold

1,026,379.96

1,026,379.96

1,026,379.96

30500

Purchases

1,128,159.00

0.00

0.00

30600

Purchases returns and allowances

19,445.00

0.00

0.00

30700

Purchases discounts taken

16,554.48

0.00

0.00

30800

Freight-in

24,506.44

0.00

0.00

31200

Miscellaneous revenue

825.00

825.00

EXPENSES

40100

Rent expense

57,600.00

57,600.00

40200

Advertising expense

22,275.00

22,275.00

40300

Office supplies expense

5,664.91

5,664.91

40400

Depreciation expense

35,023.64

35,023.64

35,023.64

40500

Wages and salaries expense

140,663.35

140,663.35

40600

Payroll tax expense

11,611.26

11,611.26

40700

Federal income tax expense

54,837.12

54,837.12

54,837.12

40800

Interest expense

156.16

156.16

156.16

40900

Bad debt expense

3,028.74

3,028.74

3,028.74

41000

Other operating expense

0.00

29,285.75

29,285.75

Sub-totals

1,463,037.71

1,591,708.00

689,151.69

560,481.40

Net Income (Loss)

--------

-----------------

--------

-----------------

-----------------

-----------------

128,670.29

128,670.29

TOTALS

1,245,711.10

1,245,711.10

2,152,189.40

2,152,189.40

1,591,708.00

1,591,708.00

689,151.69

689,151.69

Question

Need help with closing entries.

						ADJUSTED		INCOME		BALANCE
ACCT	ACCOUNT	YEAR-END ADJUSTMENTS				TRIAL BALANCE		STATEMENT		SHEET
NO.	TITLE
		ID #	DEBIT	ID #	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT

	ASSETS
10100	Cash					93,304.29				93,304.29
10200	Accounts receivable					48,149.00				48,149.00
10300	Allowance for doubtful accounts				3,028.74		1,879.55				1,879.55
10400	Inventory		90,286.00			191,967.00				191,967.00
10600	Marketable securities					24,000.00				24,000.00
10800	Fixed assets					331,731.40				331,731.40
10900	Accumulated depreciation				35,023.64		116,583.14				116,583.14

	LIABILITIES
20100	Accounts payable						7,952.01				7,952.01
20300	Federal income taxes withheld						1,450.00				1,450.00
20400	State unemployment taxes payable						110.44				110.44
20500	Federal unemployment taxes payable						18.67				18.67
20600	F.I.C.A. taxes payable						2,229.32				2,229.32
20700	Federal incomes taxes payable				54,837.12		54,837.12				54,837.12
20900	Interest payable				156.16		156.16				156.16
21000	Notes payable						60,000.00				60,000.00

	STOCKHOLDERS' EQUITY
26000	Common stock						225,000.00				225,000.00
29000	Retained earnings						90,264.99				90,264.99

	REVENUE AND GROSS PROFIT
30100	Sales						1,590,883.00		1,590,883.00
30200	Sales returns and allowances					61,106.00		61,106.00
30300	Sales discounts taken					15,405.82		15,405.82
30400	Cost of goods sold		1,026,379.96			1,026,379.96		1,026,379.96
30500	Purchases				1,128,159.00	0.00		0.00
30600	Purchases returns and allowances		19,445.00				0.00		0.00
30700	Purchases discounts taken		16,554.48				0.00		0.00
30800	Freight-in				24,506.44	0.00		0.00
31200	Miscellaneous revenue						825.00		825.00

	EXPENSES
40100	Rent expense					57,600.00		57,600.00
40200	Advertising expense					22,275.00		22,275.00
40300	Office supplies expense					5,664.91		5,664.91
40400	Depreciation expense		35,023.64			35,023.64		35,023.64
40500	Wages and salaries expense					140,663.35		140,663.35
40600	Payroll tax expense					11,611.26		11,611.26
40700	Federal income tax expense		54,837.12			54,837.12		54,837.12
40800	Interest expense		156.16			156.16		156.16
40900	Bad debt expense		3,028.74			3,028.74		3,028.74
41000	Other operating expense		0.00			29,285.75		29,285.75

	Sub-totals							1,463,037.71	1,591,708.00	689,151.69	560,481.40
	Net Income (Loss)	--------	-----------------	--------	-----------------	-----------------	-----------------	128,670.29			128,670.29
	TOTALS		1,245,711.10		1,245,711.10	2,152,189.40	2,152,189.40	1,591,708.00	1,591,708.00	689,151.69	689,151.69

		*Debit*	*Credit*
100	Cash	51,879
130	Accounts Receivable	93,154
131	Allowance for Doubtful Accounts		3,817
132	Allowance for Sales Returns & Allowances		1,863
140	Merchandise Inventory	456,100
150	Prepaid Insurance	8,368
160	Store Supplies	2,340
170	Land	285,820
180	Building	476,895
181	Accumulated Depreciation: Building		43,855
182	Office & Store Equipment	158,878
183	Accumulated Depreciation: Office & Store Equipment		38,664
184	Delivery Trucks	174,502
185	Accumulated Depreciation: Delivery Trucks		22,072
200	Accounts Payable		126,423
210	FICA Taxes Payable		4,987
220	Withholding Taxes Payable		3,618
230	Unemployment Taxes Payable		966
240	Union Dues Payable		144
250	Salaries & Wages Payable		41,044
260	Accrued Utilities Payable		685
270	Income Taxes Payable		3,094
280	Mortgage Payable		230,000
281	Accrued Interest Payable		767
300	Common Stock		100,000
301	Paid In Capital in Excess of Par		1,000,000
350	Retained Earnings		85,937

	*Totals*	1,707,936	1,707,936

gone in flash
post closing trial balance
12/31/16
	debit	credit
cash	54,339
(account receivable	48,607
Investment Securities--AFS	72,000
Accrued interest receivable	1000
Merchandise Inventory	449,807
prepaid insurance	7,434
Store Supplies	2,700
Office & Store Equipment	163,941
Building	476,895
Delivery Trucks	198,545
Land	285,820
Allowance for Doubtful Accounts		3,022
Allowance for Sales Returns and Allowances		972
Accumulated Depreciation: Office & Store Equipment		54,763
Accumulated Depreciation: Building		55,027
Accumulated Depreciation: Delivery Trucks		41,260
Accounts Payable		51,274
FICA Taxes Payable		5,406
federal income tax withholding payable		3,401
Unemployment Taxes Payable		814
Union Dues Payable		180
Salaries & Wages Payable		37,085
accured utility payable		506
Accrued Interest Payable		667
income tax		48310
mortqge payable		200000
Common Stock		100,000
PIC in Excess of Par		1,000,000
Retained Earnings		158401
total	1,761,088	1,761,088

	ACCOUNTTITLE	DEBIT	CREDIT
1	Cash	2,100.00
2	Accounts Receivable	2,700.00
3	Allowance for Doubtful Accounts		250.00
4	Inventory	6,700.00
5	Prepaid Insurance	800.00
6	Land	5,000.00
7	Buildings and Equipment	34,700.00
8	Accumulated Depreciation		14,700.00
9	Accounts Payable		3,500.00
10	Salaries Payable		440.00
11	Unearned Rent		360.00
12	Income Taxes Payable		2,750.00
13	Note Payable		4,600.00
14	Interest Payable		900.00
15	Common Stock		9,900.00
16	Retained Earnings		7,300.00
17	Dividends	1,400.00
18	Income Summary
19	Sales Revenue		33,770.00
20	Rent Revenue		1,370.00
21	Cost of Goods Sold	15,290.00
22	Selling Expenses	4,900.00
23	Administrative Expenses	2,600.00
24	Interest Expense	900.00
25	Income Tax Expense	2,750.00
26	Totals	79,840.00	79,840.00


					Prepared by
	Apollo Shoes, Inc				Reviewed by
	Trial Balance
		Audited	Unaudited
		2013	2014	Raw Change	Percent Change
Account ID	Account Description	(Audited)	(Unaudited)	(CY-PY)	(Raw Change/PY)
10100	Cash on Hand	$1,987.28	$2,275.23	$287.95	14%
10200	Regular Checking Account	$198,116.52	$557,125.92	$359,009.40	181%
10300	Payroll Checking Account	$0.00	$0.00	$0.00
10400	Savings Account	$3,044,958.13	$3,645,599.15	$600,641.02	20%
11000	Accounts Receivable	$16,410,902.71	$51,515,259.98	$35,104,357.27	214%
11400	Other Receivables	$0.00	$1,250,000.00	$1,250,000.00	100%
11500	Allowance for Doubtful Accounts	($1,262,819.88)	($1,239,009.75)	$23,810.13	-2%
12000	Inventory - Spotlight	$18,825,205.24	$67,724,527.50	$48,899,322.26	260%
12300	Reserve for Inventory Obsolescence	($3,012,000.00)	($846,000.00)	$2,166,000.00	-72%
14100	Prepaid Insurance	$743,314.38	$3,424,213.78	$2,680,899.40	361%
14200	Prepaid Rent	$200,000.00	$0.00	($200,000.00)	-100%
14300	Office Supplies	$7,406.82	$8,540.00	$1,133.18	15%
14400	Notes Receivable-Current	$0.00	$0.00	$0.00
14700	Other Current Assets	$0.00	$0.00	$0.00
15000	Land	$117,000.00	$117,000.00	$0.00	0%
15100	Buildings and Land Improvements	$623,905.92	$674,313.92	$50,408.00	8%
15200	Machinery, Equipment, Office Furniture	$433,217.10	$2,929,097.13	$2,495,880.03	576%
17000	Accum. Depreciation	($164,000.00)	($610,000.00)	($446,000.00)	272%
19000	Investments	$572,691.08	$1,998,780.39	$1,426,089.31	249%
19900	Other Noncurrent Assets	$53,840.59	$53,840.59	$0.00	0%
20000	Accounts Payable	($4,633,118.09)	($1,922,095.91)	$2,711,022.18	-59%
23100	Sales Tax Payable	$0.00	$0.00	$0.00
23200	Wages Payable	($29,470.32)	$0.00	$29,470.32	-100%
23300	FICA Employee Withholding	($1,318.69)	($8,439.65)	($7,120.96)	540%
23350	Medicare Withholding	($583.99)	($11,414.99)	($10,831.00)	1855%
23400	Federal Payroll Taxes Payable	($6,033.01)	($118,086.12)	($112,053.11)	1857%
23500	FUTA Tax Payable	$0.00	$0.00	$0.00
23600	State Payroll Taxes Payable	($2,815.47)	($55,106.86)	($52,291.39)	1857%
23700	SUTA Tax Payable	$0.00	$0.00	$0.00
23800	FICA Employer Withholding	($1,318.69)	($8,439.65)	($7,120.96)	540%
23900	Medicare Employer Withholding	($583.99)	($11,414.99)	($10,831.00)	1855%
24100	Line of Credit	($10,000,000.00)	($44,403,000.00)	($34,403,000.00)	344%
24200	Current Portion Long-Term Debt	$0.00	$0.00	$0.00
24700	Other Current Liabilities	$0.00	$0.00	$0.00
27000	Notes Payable-Noncurrent	$0.00	($12,000,000.00)	($12,000,000.00)
39003	Common Stock	($8,105,000.00)	($8,105,000.00)	$0.00	0%
39004	Paid-in Capital	($7,423,000.00)	($7,423,000.00)	$0.00	0%
39005	Retained Earnings	($2,219,120.65)	($6,590,483.64)	($4,371,362.99)	197%
40000	Sales	($246,172,918.44)	############	$3,459,465.56	-1%
41000	Sales Returns	$4,497,583.20	$11,100,220.89	$6,602,637.69	147%
42000	Warranty Expense	$1,100,281.48	$1,158,128.47	$57,846.99	5%
45000	Income from Investments	$0.00	($1,426,089.31)	($1,426,089.31)
46000	Interest Income	($204,302.81)	($131,881.46)	$72,421.35	-35%
47000	Miscellaneous Income	$0.00	($2,166,000.00)	($2,166,000.00)
50010	Cost of Goods Sold	$141,569,221.61	$130,196,645.26	($11,372,576.35)	-8%
57500	Freight	$4,302,951.46	$4,240,263.09	($62,688.37)	-1%
60000	Advertising Expense	$897,140.01	$1,036,854.01	$139,714.00	16%
61000	Auto Expenses	$208,974.39	$210,502.80	$1,528.41	1%
62000	Research and Development	$31,212,334.17	$528,870.44	($30,683,463.73)	-98%
64000	Depreciation Expense	$133,000.00	$446,000.00	$313,000.00	235%
64500	Warehouse Salaries	$4,633,383.82	$4,720,715.56	$87,331.74	2%
65000	Property Tax Expense	$80,495.32	$99,332.45	$18,837.13	23%
66000	Legal and Professional Expense	$3,605,133.96	$4,913,224.45	$1,308,090.49	36%
67000	Bad Debt Expense	$1,622,425.99	$0.00	($1,622,425.99)	-100%
68000	Insurance Expense	$853,942.65	$36,106.92	($817,835.73)	-96%
70000	Maintenance Expense	$61,136.04	$35,502.87	($25,633.17)	-42%
70100	Utilities	$135,642.99	$137,332.18	$1,689.19	1%
70110	Phone	$76,373.78	$52,599.02	($23,774.76)	-31%
70120	Postal	$128,033.21	$77,803.61	($50,229.60)	-39%
71000	Miscellaneous Office Expense	$17,023.27	$24,891.82	$7,868.55	46%
72000	Payroll Tax Exp	$1,550,989.06	$1,577,811.85	$26,822.79	2%
73000	Pension/Profit-Sharing Plan Ex	$3,000,000.00	$3,300,000.00	$300,000.00	10%
74000	Rent or Lease Expense	$2,603,485.87	$1,206,574.00	($1,396,911.87)	-54%
77500	Administrative Wages Expense	$16,875,305.98	$16,197,225.43	($678,080.55)	-4%
78000	Interest Expense	$875,000.00	$2,591,736.50	$1,716,736.50	196%
78500	Income Tax Expense - Federal	$2,365,000.00	$8,900,000.00	$6,535,000.00	276%
78510	Income Tax Expense - State	$429,000.00	$3,100,000.00	$2,671,000.00	623%
80000	Loss on Legal Settlement	$19,172,000.00	$0.00	($19,172,000.00)	-100%
		$0.00	$0.00

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