The completed financial statement columns of the worksheet

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Reference no: EM13395441

The completed financial statement columns of the worksheet for Woods Company are shown below.

Account No.

Account Titles

Income Statement

Balance Sheet

 

 

Debit

Credit

Debit

Credit

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

S. Woods, Capital

 

 

 

$34,000

306

S. Woods, Drawing

 

 

7200

 

400

Service revenue

 

$44,000

 

 

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

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.

Reference no: EM13395441

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