Question
Question 5 The completed financial statement columns of the work sheet for Cullumber Company are available. CULLUMBER COMPANY Work Sheet For the Year Ended December
Question 5
The completed financial statement columns of the work sheet for Cullumber Company are available.
CULLUMBER COMPANY
Work Sheet
For the Year Ended December 31, 2017
Income Statement
Balance Sheet
Account No.
Account Titles
Dr.
Cr.
Dr.
Cr.
101Cash8,800112Accounts receivable9,500130Prepaid insurance1,500157Equipment22,900158Accumulated depreciationequipment3,000201Accounts payable8,400212Salaries payable3,200301L. Cullumber, capital
15,300306L. Cullumber, drawings
11,200400Service revenue61,200622Maintenance expense1,100711Depreciation expense3,000722Insurance expense1,600726Salaries expense31,200732Utilities Expense300
Totals
37,20061,20053,90029,900Net income24,000
24,000
61,200
61,200
53,900
53,900
Make an income statement.
CULLUMBER COMPANY
Income Statement
$
$
$
Make a statement of owner's equity. L. Cullumber did not make any additional investments during the year.
CULLUMBER COMPANY
Statement of Owner's Equity
$
:
:
$
Make a classified balance sheet. L. Cullumber did not make any additional investments during the year. (List Current Assets in the order of liquidity.)
CULLUMBER COMPANY
Balance Sheet
Assets
$
$
:
$
Liabilities and Owner's Equity
$
$
Make the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To close revenue account)
Dec. 31
(To close expense accounts)
Dec. 31
(To close income summary)
Dec. 31
(To close drawings)
Post the closing entries and calculate the balance in each account. (Use T accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part.)
L. Cullumber, Capital
No. 301
L. Cullumber, Drawings
No. 306
Income Summary
No. 350
Service Revenue
No. 400
Maintenance Expense
No. 622
Depreciation Expense
No. 711
Insurance Expense
No. 722
Salaries Expense
No. 726
Utilities Expense
No. 732
Make a post-closing trial balance. (Do not list those accounts that have zero ending balance.)
CULLUMBER COMPANY
Post-Closing Trial Balance
Debit
Credit
$
$
Totals$
$
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Business Analytics Methods Models And Decisions
Authors: James R. Evans
2nd Edition
321997824, 978-1119298588, 978-0321997821
