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Print by: Jennifer Robinson AB114: Accounting I - 1602B-01 / Lab 114 Unit 5 Homework *Problem 4-3A The completed financial statement columns of the worksheet for Bray Company are shown as follows: BRAY COMPANY Worksheet For the Year Ended December 31, 2017 Income Statement Account No. Account Titles Dr. Cr. Balance Sheet Dr. Cr. 101 Cash 8,700 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Accumulated DepreciationEquip. 4,600 201 Accounts Payable 8,800 212 Salaries and Wages Payable 2,400 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 622 Maintenance and Repairs Expense 1,800 711 Depreciation Expense 2,900 722 Insurance Expense 1,900 726 Salaries and Wages Expense 732 Utilities Expense 10,700 2,600 23,500 19,200 11,300 60,200 30,500 1,300 Totals 38,400 Net Income 21,800 60,200 60,200 56,800 35,000 21,800 60,200 56,800 56,800 Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BRAY COMPANY Income Statement $ $ $ Prepare owner's equity statement. (List items that increase owner's equity first.) BRAY COMPANY Owner's Equity Statement $ : : $ Prepare a classified balance sheet. (List Current Assets in order of liquidity.) BRAY COMPANY Balance Sheet Assets $ $ : $ Liabilities and Owner's Equity $ $ $ Prepare the closing entries. L. Bray did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income / (loss)) Dec. 31 (To close drawings) Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732 Prepare a post-closing trial balance. BRAY COMPANY Post-Closing Trial Balance Debit Credit $ Totals $ $ $ Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Question Attempts: 0 of 5 used