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 Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 9,100 112 Accounts Receivable 10,700 130 Prepaid Insurance 2,600 157 Equipment 23,500 158 Accumulated DepreciationEquip. 4,700 201 Accounts Payable 8,900 212 Salaries and Wages Payable 2,300 301 Owners Capital 19,900 306 Owners Drawings 11,800 400 Service Revenue 59,600 622 Maintenance and Repairs Expense 1,800 711 Depreciation Expense 3,200 722 Insurance Expense 1,600 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,300 Totals 37,700 59,600 57,700 35,800 Net Income 21,900 21,900 59,600 59,600 57,700 57,700 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 $ $ $ Link to Text Prepare owners equity statement. (List items that increase owner's equity first.) BRAY COMPANY Owners Equity Statement $ : : $ Link to Text Prepare a classified balance sheet. (List Current Assets in order of liquidity.) BRAY COMPANY Balance Sheet Assets $ $ : $ Liabilities and Owners Equity $ $ $ Link to Text 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) Link to Text Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Owners Capital No. 301 Owners 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 Link to Text Prepare a post-closing trial balance. BRAY COMPANY Post-Closing Trial Balance Debit Credit $ $ Totals $ $ Link to Text Question Attempts: Unlimited Save for later Submit Answer