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The following selected accounts and account balances were taken from the records of Nowell Company Except as otherwise indicated all balances are as of December 31 2018 before the closing Entries

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2018, before the closing Entries were recorded. Consulting revenue.....................................................$18,200 Cash........................................................................35,600 Cash received from common stock issued during 2017..............6,000 Travel expense.............................................................2,100 Dividends..................................................................4,000 Cash flow from investing activities....................................5,200 Rent expense..............................................................3,500 Payment to reduce debt principal.....................................10,000 Retained earnings, January 1, 2018...................................16,200 Salary expense............................................................7,200 Cash flow from operating activities....................................2,600 Common stock, December 31, 2018.................................16,000 Other operating expenses................................................2,300 Required a. Prepare the income statement Nowell would include in its 2018 annual report. b. Identify the accounts that should be closed to the Retained Earnings account. c. Determine the Retained Earnings account balance at December 31, 2018.

May 14 2020 View more View Less

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