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MATCHETT MANUFACTURING LIMITED Adjusted Trial Balance As at December 31, 2016
Account	Debit (DR)	Credit (CR)
Cash	$113,200
Accounts receivable	238,000
Inventory	163,000
Prepaid Expenses	7,200
Equipment	76,000
Accumulated depreciation, equipment		$17,100
Building	500,000
Accumulated depreciation, building		76,800
Land	385,000
Accounts payable		172,000
Wages payable		18,600
Dividends payable		10,000
Interest payable		2,000
Bank loan payable		400,000
Common shares		250,000
Retained earnings		230,800
Dividends declared	40,000
Sales revenue		1,805,000
Cost of goods sold	978,000
Wages expense	412,300
Insurance expense	13,200
Depreciation expense	32,400
Interest expense	24,000
	$2,982,300	$2,982,300

Required

a. Prepare

1. a statement of income for 2016,
2. a statement of changes in equity for 2916
3. a classified statement of financial position at Dec 31, 2016.

b. Prepare the closing entries required at the end of 2016 after financial statements in part (a) are prepared.

Saved

MATCHETT MANUFACTURING LIMITED Adjusted Trial Balance As at December 31, 2016
Account	Debit (DR)	Credit (CR)
Cash	$113,200
Accounts receivable	238,000
Inventory	163,000
Prepaid Expenses	7,200
Equipment	76,000
Accumulated depreciation, equipment		$17,100
Building	500,000
Accumulated depreciation, building		76,800
Land	385,000
Accounts payable		172,000
Wages payable		18,600
Dividends payable		10,000
Interest payable		2,000
Bank loan payable		400,000
Common shares		250,000
Retained earnings		230,800
Dividends declared	40,000
Sales revenue		1,805,000
Cost of goods sold	978,000
Wages expense	412,300
Insurance expense	13,200
Depreciation expense	32,400
Interest expense	24,000
	$2,982,300	$2,982,300

Required

a. Prepare

1. a statement of income for 2016,
2. a statement of changes in equity for 2916
3. a classified statement of financial position at Dec 31, 2016.

b. Prepare the closing entries required at the end of 2016 after financial statements in part (a) are prepared.