ACCT.docx - S3-15 Closing entries for Hawk Sporting Goods Company at X8(In thousands Date Description Debit Credit 31-Mar-20X8 Net revenues $188,000

ACCT.docx - S3-15 Closing entries for Hawk Sporting Goods...

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S3-15 Closing entries for Hawk Sporting Goods Company at March 31, 20X8 (In thousands) Date Description Debit Credit 31-Mar-20X8 Net revenues $188,000 Retained earnings $188,000 (transfer net revenues to retained earnings) 31-Mar-20X8 Retained Earnings $166,800 Cost of goods sold $142,500 Other expenses $24,300 (transfer expenses to retained earnings) 31-Mar-20X8 Retained Earnings 1,200 Dividends 1,200 Retained earnings (In thousands) Date Description Amount Date Description Amount 31-Mar- 20X8 Opening balance $168,000 31-Mar- 20X7 Beginning balance $4,000 31-Mar- 20X8 Net revenues $188,000 31-Mar- 20X8 Ending balance $24,000 Income statement (In thousands) Hawk Sporting Goods Company Income statement Year ended March 31, 20X8 Net revenues $188,000 Less: Cost of goods sold ($142,500) Gross profit $45,500 Less: Other expenses ($24,300) Net income $21,200 Statement of Retained earnings (In thousands) Hawk Sporting Goods Company Statement of Retained earnings Year ended March 31, 20X8 Retained earnings, 31-Mar-20X7 $4,000 Net income $21,200 Dividends ($1,200) C
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Retained earnings, 31-Mar-20X8 $24,000 Balance sheet (In thousands) Hawk Sporting Goods Company
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