18. Year End Closing & Account Classification

The following accounts reflect the correct Year 1 year-end balances after adjustment but before closing.

Accumulated depreciation	225	Accounts payable	52
Accounts receivable	280	Cash	76
Common stock	100	Cost of goods sold	420
Depreciation expense	60	Dividends	20
Equipment	600	Interest expense	4
Inventory	90	Note payable, due 8/1/Y4	63
Prepaid rent	10	Rent expense	40
Retained earnings, 1/1/Y1	400	Salary expense	125
Sales revenue	855	Unearned revenue	30

1. Determine total assets
2. Determine total liabilities
3. What are retained earnings on the Dec. 31, Year 1 balance sheet?
4. Prepare the correct entry to close the Income Summary accounts.