the completed financial statement columns of the worksheet for woods company inc are 581569

The completed financial statement columns of the worksheet for Woods Company Inc. are shown be

WOODS COMPANY INC.

Worksheet

For the Year Ended December 31, 2011

Income Statement

Balance Sheet

Account

Dr.

Cr.

Dr.

Cr.

No.

Account Titles

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

14000

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

Instructions

(a) Prepare an income statement, a retained earnings statement, and a classified balance sheet.

(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.