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Unformatted text preview: P4-3AThe completed financial statement columns of the worksheet for Woods Company are shown below. WOODS COMPANYWorksheetFor the Year Ended December 31, 2008 Income StatementBalance SheetAcc. No. Account TitlesDr.Cr.Dr.Cr.101 Cash 8,200 112 Accounts Receivable 7,500 130 Prepaid Insurance 1,800 157 Equipment 28,000 167 Accumulated Depreciation 8,600201 Accounts Payable 11,700212 Salaries Payable 3,000311 Common Stock 20,000320 Retained Earnings 14,000332 Dividends 7,200 400 Service Revenue 44,000 622 Repair Expense5,400 711 Depreciation Expense2,800 722 Insurance Expense1,200 726 Salaries Expense35,200 732 Utilities Expense4,000 Totals48,60044,00052,70057,300 Net Loss 4,6004,600 48,60048,60057,30057,300Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during Prepare an income statement, a retained earnings statement, and a classified balance sheet....
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This note was uploaded on 09/09/2010 for the course ACCOUNTING 2345 taught by Professor Dr.ijueh during the Spring '10 term at twsu.edu.
- Spring '10