The completed financial statement columns of the worksheet for Fleming Company are as follows.

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 underline and balance the accounts. (Use T accounts.) Income Summary is account No. 350.

d. Prepare a post-closing trial balance.

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Fleming Company Worksheet For the Year Ended December 31, 2020 Balance Sheet Income Statement Account Titles Cr. Dr. Account Dr. Cr. No. Cash 101 8,900 112 Accounts Receivable 10,800 130 Prepaid Insurance Equipment Accumulated Depreciation- Equip. 2,800 157 24,000 158 4,500 201 Accounts Payable 9,000 212 Salaries and Wages Payable 2,400 311 Common Stock 12,000 320 Retained Earnings 7,500 332 Dividends |11,000 400 Service Revenue 60,000 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,100 722 Insurance Expense 1,800 726 Salaries and Wages Expense 30,000 732 Utilities Expense 1,400 Totals 37,900 60,000 57,500 35,400 Net Income 22,100 22,100 60,000 60,000 57,500 57,500