The Winkel Company had Retained Earnings of $10,000 on 1/1/15. The only paid-in capital account existing was due to Common Stock issued. The company properly recorded these transactions in 2015: 1. 10% Stock dividend (Total Market Value of dividend $1,500, Par Value $1,000)
2. Sale of Treasury Stock for $4,000 below
3. Cost Net Income $4,300
Winkel 12/31/15 Retained Earnings is:
a. $12,800
b. $12,300
c. $13,800
d . $16,300
e. $9,800
Which accounts are closed at the end of an accounting period?
A. Both Asset Retirement Obligation and Sales Tax Payable
B. Neither Asset Retirement Obligation nor Sales Tax Payable
C. Asset Retirement Obligation, but not Sales Tax Payable
D. Sales Tax Payable, but not Asset Retirement Obligation