Question

Using information found in the financial statements of the Annual Report, make the following closing entries:

1. Make journal entries to close the revenue and expense accounts.

2. Make a journal entry to close the income summary account.

3. Make a journal entry to close the dividend account.

4. What is the date of the closing entries?

Table of Contents COLUMBIA SPORTSWEAR COMPANY 2018 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Income from operations Interest income, net Interest expense on note payable to related party Other non-operating income (expense), net Income before income tax Income tax expense Net income Net income attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Year Ended December 31 2010 3,042,478 2,802,326 1,526,808 1,415,978 1,515,670 1,386,348 1,136,186 1,051, 152 15,487 15,786 394,971 350,982 8,302 9,876 2017 2,466,105 1,306,143 1,159,962 910,894 13,901 262.969 4,515 (429) (321) 266,734 154,419 112,315 7,192 105,123 2,156 405,429 74,940 330,489 (141) 360,717 85,769 274,948 6,692 268,256 330,489 4.87 4.83 3.85 3.81 1.51 1.49 $ Earnings por share attributable to Columbia Sportswear Company: Basic Diluted Weighted average shares outstanding: Basic Diluted 67,837 68,493 69,614 70,401 69.759 70,453

Using information found in the financial statements of the Annual Report, make the following closing entries:

1. Make journal entries to close the revenue and expense accounts.

2. Make a journal entry to close the income summary account.

3. Make a journal entry to close the dividend account.

4. What is the date of the closing entries?

Answer 1

	Date	Account Title	Debit	Credit
1-a	Dec-31,2019	Sales Revenue	$            30,42,478
		Net Licensing income	$                  15,487
		Interest Income	$                    8,302
		Other non operating income	$                    2,156
		Income Summary		$      30,68,423
		(Being Revenue account closed)
1-b	Dec-31,2019	Income Summary	$            27,37,934
		Cost of Sale		$      15,26,808
		Selling,general and Administrative expenses		$      11,36,186
		Income tax expense		$            74,940
		(Being expense accounts closed)
2	Dec-31,2019	Income Summary	$              3,30,489
		Retained Earnings		$        3,30,489
		(To close the income summary account )
3	Dec-31,2019	Retained Earnings	$                  65,127
		Dividends		$            65,127
		(Being Dividend account closed)

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4. date of the closing entries- Year end date, Here December 31, 2019

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