Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Credit Net sales …… $16,563.1 Cost of sales…….. $10,733.6 Selling, general, and administrative expense and other …… 3,073.1 Interest expense, net… 303.8 Income tax expense……… 755.2 Retained earnings……. 11,990.8 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account?
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