Need A. & B.

Instructions a. Net Income b. Current as Current lia Complete the worksheet by extending the balances to the financial statement columns Prepare an income statement, owner's equity statement, and a classified balance sheet (Note: $4,000 the notes payable become due in 2021.) C Nguyen did not make any additional investments in the business during the year Prepare the closing entries. Use J14 for the journal page. Post the closing entries. Use the three-column form of account. Income Summary is No. 350. Prepare a post-closing trial balance. ILO 1.2. 4 Financial Statement The completed financial statement columns of the work sheet for Bray Company are shown as follows. e Post-closi $46,600 Prepare finan erre and balance. Account No. 101 112 130 157 158 201 212 301 306 400 622 711 722 726 732 Bray Company Worksheet For the Year Ended December 31, 2020 Income Statement Account Titles Dr. Cr. Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue 60,000 Maintenance and Repairs Expense 1,700 Depreciation Expense 2,800 Insurance Expense 1.800 Salaries and Wages Expense 30,000 Utilities Expense 1,400 Totals 37,700 60,000 Net Income 22.300 60.000 60,000 Balance Sheet Dr. 8,800 10.800 2,800 24.000 4,200 9,000 400 19.500 11,000 57,400 35.100 22.300 57,400 57 400 Instructions . Prepare an income statement, an owner's equity statement, and a classified balance sheet Ab. Prepare the closing entries. L. Bray did not make any additional investments during the year. c. Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Sum- mary is account No. 350. d. Prepare a post-closing trial balance. Comp classi and P44A (LO 1,2,4) Financial Statement Rusthe Management Services began business on January 1, 2020, with a capital investment of $120,000. The company manages condominiums for owners (Service Kevenue 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 Rusthe Management Services Worksheet