How many temporary accounts does Eagles Corp need to close? Answer numerically or spell the number (e.g., 1 or one).
What is the balance of retained earnings for Eagles Corp after closing entries are made for 2016? Do not use decimals or dollar signs.
What is the effect of Eagles Corp’s 2016 closing entries on the basic accounting equation?
Please refer to the adjusted trial balance for Cougar Corp provided in the information sheet for problems 4-5.
4. What is income from continuing operations for 2016? Do not use decimals or dollar signs
5.For Cougar Corp in 2016, Net Income is ________ lower than Income from Continuing Operations.
Do not use decimals, dollar signs, or negative signs.
TRIAL BALANCE FOR PROBLEMS 1-3
Presented below is an alphabetical list of 2016 pre-closing account balances of Eagles Corp, a
merchandising company. Assume all accounts have normal balances.
Accumulated Depreciation – Buildings
Administrative and General Expenses
Depreciation Expense – Buildings
Dividends (Common Stock)
Retained Earnings, Beginning Balance for 2016
Unearned Revenue Balance
2,125 TRIAL BALANCE FOR PROBLEMS 4-5
Presented below is the final adjusted trial balance of the 2016 year-end account balances of
Cougar Corp, a merchandising company.
Other relevant information:
1. Cougar Corp disposed of their Widget Division during 2016.
2. Assume a tax rate of 35% for all income statement items.
Adjusted Trial Balance – December 2016
Cost of Goods Sold
Loss from disposal of Widget Division
Retained Earnings, Beginning balance for 2016
Sales Revenue (merchandise sales)
Total Debit Credit