Closing Entries with Net Income Assume that the entry closing total revenues of $220,800 and total expenses of $164,800 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $255,000 and Teresa Schafer, Drawing has a balance of $21,400. a. Journalize the entry required to close the Teresa Schafer, Drawing account. If an amount box does not require an entry, leave it blank. fill in the blank c2f7c600b00cfdd_2 fill in the blank c2f7c600b00cfdd_3 fill in the blank c2f7c600b00cfdd_5 fill in the blank c2f7c600b00cfdd_6 b. Determine the amount of Teresa Schafer, Capital at the end of the period. $fill in the blank d2ac480ae02300f_1

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?