Accounting- The ledger of Rowen Company contains the following balances

| January 30, 2017

Question
The ledger of Rowen Company contains the following balances: Retained Earnings $28,817; Dividends $1,705; Service Revenue $51,839; Salaries and Wages Expense $26,029; and Supplies Expense $5,742.

Prepare the closing entries at December 31.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No. Account Titles and Explanation Debit Credit
1.
(To close revenue account.)
2.
(To close expense accounts.)
3.
(To close net income/ (loss).)
4.
(To close dividends.)The following items were taken from the financial statements of Sexton Company. (All dollars are in thousands.)

Long-term debt $948 Accumulated depreciation $4,197
Prepaid insurance 6,759 Accounts payable 1,482
Equipment 11,045 Notes payable (due after 2015) 848
Long-term investments 1,341 Common stock 16,203
Short-term investments 4,131 Retained earnings 5,225
Notes payable (due in 2015) 448 Accounts receivable 1,599
Cash 2,363 Inventory 2,113

Prepare a classified balance sheet as of December 31, 2014.(List current assets in order of liquidity.)

SEXTON COMPANY
Balance Sheet
December 31, 2014
(in thousands)

Assets

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholder’s EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholder’s EquityTotal Revenues

$

Current Assets Current Liabilities Expenses Intangible Assets Long-term Debt Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Stockholder’s Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholder’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholder’s Equity Total Revenues $

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholder’s EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholder’s EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholder’s EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholder’s EquityTotal Revenues

Add Less :

Current Assets Current Liabilities Expenses Intangible Assets Long-term Debt Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Stockholder’s Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholder’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholder’s Equity Total Revenues $

Liabilities and Stockholders’ Equity

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityTotal Revenues

$

Current Assets Current Liabilities Expenses Intangible Assets Long-term Debt Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Stockholders’ Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholder’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Total Revenues $

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityTotal Revenues

Current Assets Current Liabilities Expenses Intangible Assets Long-term Debt Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Stockholders’ Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholder’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Total Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityTotal Revenues

Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term DebtLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentStockholders’ EquityRevenuesTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholder’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ EquityTotal Revenues

Current Assets Current Liabilities Expenses Intangible Assets Long-term Debt Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Stockholders’ Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholder’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Total Revenues

Current Assets Current Liabilities Expenses Intangible Assets Long-term Debt Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Stockholders’ Equity Revenues Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity Total Revenues

$

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