Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Sales revenue $ 536,000
Salaries expense 90,300
Interest revenue 7,400
Advertising expense 12,250
Gain on sale of investments 10,100
Cost of goods sold 294,800
Insurance expense 15,650
Interest expense 4,200
Income tax expense 45,500
Depreciation expense 27,000
Required:
1. Prepare the necessary closing entries at December 31, 2013
2. Record the closure of revenue accounts.
3. Record the closure of expense accounts.
4. Record the transfer of the net profit.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.