Woods Company _Financial Statements
Review essay
July 2, 2020Define classical humanism and illustrate by discussing the construction and decoration of the buildings of the Athenian acropolis. In your answer, ref
July 2, 2020Woods Company _Financial Statements
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.
