Acc280 Financial Accounting: P4-3A The completed financial statement columns

This version of the problem uses the retained earnings and dividend accounts.

Acc280 Financial Accounting

P4-3A
The completed financial statement columns of the worksheet for Woods Company are shown below.
WOODS COMPANY
Worksheet
For the Year Ended December 31, 2008
Acc. No. Account Titles Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
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
311 Common Stock 20,000
320 Retained Earnings 14,000
332 Dividends 7,200
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
Requirements:
a. Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008. (If there is a net loss, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)
b. Prepare the closing entries. (List multiple debit/credit entries in descending order of amount.)
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. (If answer is zero, please enter 0, do not leave any fields blank.)
Powered by