The completed financial statement columns of the worksheet for Woods Company are shown below.
|
WOODS COMPANY |
|||||
|
Income Statements |
Balance Sheet |
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|
Account No. |
Account Titles |
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|
101 |
Cash |
8,200 |
|||
|
112 |
Accounts Receivable |
7,500 |
|||
|
130 |
Prepaid Insurance |
1,800 |
|||
|
157 |
Equipment |
28,000 |
|||
|
167 |
Accumulated Depreciation |
8,600 |
|||
|
201 |
Accounts Payable |
11,700 |
|||
|
212 |
Salaries Payable |
3,000 |
|||
|
301 |
Woods, Capital |
34,000 |
|||
|
306 |
Woods, Drawing |
7200 |
|||
|
400 |
Service Revenue |
4400 |
|||
|
622 |
Repair Expense |
5,400 |
|||
|
711 |
Depreciation Expense |
2,800 |
|||
|
722 |
Insurance Expense |
1,200 |
|||
|
726 |
Salaries Expense |
35,200 |
|||
|
732 |
Utilities Expense |
4,000 |
|||
|
Totals |
48,600 |
44,000 |
52,700 |
57,300 |
|
|
Net Loss |
4,600 |
4,600 |
|||
|
48,600 |
48,600 |
57,300 |
57,300 |
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Instructions
(a) Prepare an income statement, owner’s equity statement, and a classified balance sheet.
S.Woods made an additional investment in the business of $4,000 during 2010.
(b) Prepare the closing entries.
(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post closing trial balance.