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Woods Company _Financial Statements

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Question;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.

 

Paper#37212 | Written in 18-Jul-2015

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