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.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know