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Can I get some help with this accounting homework? Thanks! Dr. P4-3B The completed financial statement columns of the worksheet for Niho Company are shown
Can I get some help with this accounting homework? Thanks!
Dr. P4-3B The completed financial statement columns of the worksheet for Niho Company are shown below. NIHO COMPANY Worksheet For the Year Ended December 31, 2017 Account Income Statement Balance Sheet No. Account Titles Cr. Dr. Cr. 101 Cash 6,200 112 Accounts Receivable 7,500 130 Prepaid Insurance 1,800 157 Equipment 33,000 158 Accumulated Depreciation Equip. 8,600 201 Accounts Payable 11,700 212 Salaries and Wages Payable 3,000 301 Owner's Capital 34,000 306 Owner's Drawings 7,200 400 Service Revenue 46,000 622 Maintenance and Repairs Expense 4,400 711 Depreciation Expense 2,800 722 Insurance Expense 1,200 Salaries and Wages Expense 35,200 732 Utilities Expense 4,000 Totals 47,600 46,000 55,700 57,300 Net Loss 1,600 1,600 47,600 47,600 57,300 57,300 726 Instructions (a) Prepare an income statement, owner's equity statement, and a classified balance sheet. S. Niho made an additional investment in the business of $4,000 during 2017. (b) Prepare the closing entries. (e) 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 balanceStep by Step Solution
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