Woods Company _Financial Statements
accountguruThe 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.
12 years ago
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woods_company__financial_statements.xlsx
