b Prepare an income statement owners equity statement and a classified balance

B prepare an income statement owners equity statement

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(a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. ( Note: $10,000 of the notes payable become due in 2018.) Jose Enfuego did not make any additional investments in the business during the year. (c) Prepare the closing entries. Use J14 for the journal page. (d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350. (e) Prepare a post-closing trial balance. P4-3C The completed financial statement columns of the worksheet for Nash Company are shown below. (a) Net income $9,500 (b) Current assets $31,800; Current liabilities $23,300 (e) Post-closing trial balance $65,800 Prepare financial statements, closing entries, and post- closing trial balance. (LO 1, 2, 4) 212 Salaries and Wages Payable 3,500 230 Interest Payable 800 301 Owner’s Capital 25,000 306 Owner’s Drawings 10,000 400 Service Revenue 85,000 610 Advertising Expense 12,000 631 Supplies Expense 5,700 711 Depreciation Expense 8,000 722 Insurance Expense 5,000 726 Salaries and Wages Expense 44,000 905 Interest Expense 800 Totals 151,300 151,300 Adjusted Account Trial Balance No. Account Titles Dr. Cr. NASH COMPANY Worksheet For the Year Ended December 31, 2017 Account Income Statement Balance Sheet No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 22,400 112 Accounts Receivable 13,500 130 Prepaid Insurance 3,500 157 Equipment 26,000 167 Accumulated Depr.—Equip. 5,600 201 Accounts Payable 11,300 212 Salaries and Wages Payable 3,000 301 Owner’s Capital 36,000 306 Owner’s Drawings 14,000 400 Service Revenue 69,000 622 Maintenance and Repairs Expense 2,000 711 Depreciation Expense 2,600 722 Insurance Expense 2,200 726 Salaries and Wages Expense 37,000 732 Utilities Expense 1,700 Totals 45,500 69,000 79,400 55,900 Net Income 23,500 23,500 69,000 69,000 79,400 79,400 Instructions (a) Prepare an income statement, owner’s equity statement, and a classified balance sheet. (b) Prepare the closing entries. Nash did not make any additional investments during the year. (a) Ending capital $45,500; Total current assets $39,400
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Problems: Set C 3 (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. P4-4C Leiker Management Services began business on January 1, 2017, with a capital investment of $120,000. The company manages condominiums for owners (Service Reve- nue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows.
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