The adjusted trial balance columns of the worksheet for Greenwood Company are as follows.

GREENWOOD COMPANY

Worksheet

For the Year Ended December 31, 2017

Adjusted

Account Trial Balance

No. Account Titles Dr. Cr.

101 Cash 18,800

112 Accounts Receivable 16,200

126 Supplies 2,300

130 Prepaid Insurance 4,400

157 Equipment 46,000

158 Accumulated DepreciationEquipment 20,000

200 Notes Payable 20,000

201 Accounts Payable 8,000

212 Salaries and Wages Payable 2,600

230 Interest Payable 1,000

301 Owners Capital 26,000

306 Owners Drawings 12,000

400 Service Revenue 87,800

610 Advertising Expense 10,000

631 Supplies Expense 3,700

711 Depreciation Expense 8,000

722 Insurance Expense 4,000

726 Salaries and Wages Expense 39,000

905 Interest Expense 1,000

Totals 165,400 165,400

Instructions

(a) Complete the worksheet by extending the balances to the financial statement columns. (Fill in the worksheet given on the next page).

(b) Prepare an income statement, owners equity statement, and a classified balance sheet. (Note:$5,000 of the notes payable become due in 2018.) T. Greenwood did not make any additional investments in the business during 2017.