Widgets R US, Inc.
					Worksheet
	Post-Closing					Unadjusted					Adjusted
	Trial Balance		2016 Transaction Entries			Trial Balance		2016 Adjusting Entries			Trial Balance		Income Statement		Balance Sheet
Note: 12/31/2015 is equivalent to 1/1/2016	12/31/2015		Dr.		Cr.	12/31/2016		Dr.		Cr.	12/31/2016		Dr.	Cr.	Dr.	Cr.
Cash	$500	1	$12,500	5	$324	$2,136					$2,136				$2,136
		2	49,500	6	375
		12	960	7	3,000
				8	54,375
				9	1,000
				10	1,000
				11	1,250
Accounts Receivable	1,300	1	50,000	2	49,500	1,650					1,650				1,650
				3	150
Allowance for Uncollectibles	-26	3	150			124			13	$160	-36					$36
						0
Merchandise Inventory	3,900					3,900			14	800	3,100				3,100
Prepaid Insurance	140	5	324			464			15	310	154				154
						0					0
Building	5,100					5,100					5,100				5,100
Accumulated Depreciation - Building	-510					-510			16	255	-765					765
Furniture & Fixtures	2,000					2,000					2,000				2,000
Accumulated Depreciation - Furniture & Fixtures	-800					-800			16	400	-1,200					1,200
Computer Equipment	0	7	4,500			4,500					4,500				4,500
Accumulated Depreciation - Computer Equipment	0								16	900	-900					900
Copier	0	6	375			375					375				375
Accumulated Depreciation - Copier	0								16	125	-125					125
Accounts Payable	-2,200	8	43,750	4	45,000	-3,450					-3,450					3,450
Note Payable	0			7	1,500	-1,500					-1,500					1,500
Salaries Payable	0					0			17	240	-240					240
Interest Payable	0					0			18	216	-216					216
Income Tax Payable	-1,000	9	1,000			0			20	1,193	-1,193					1,193
Unearned Rent Revenue	-240			12	960	-1,200	19	$940			-260					260
Common Stock ($10 Par Value)	-2,400					-2,400					-2,400					2,400
Additional Paid-in-Capital	-4,000					-4,000					-4,000					4,000
Retained Earnings	-1,764					-1,764					-1,764					1,764
Dividends Declared	0	11	1,250			1,250					1,250				1,250
Sales Revenue	0			1	62,500	-62,500					-62,500			$62,500
Purchases	0	4	45,000			45,000			14	45,000	0
Cost of Goods Sold	0					0	14	45,800			45,800		$45,800
Salaries Expense	0	8	3,750			3,750	17	240			3,990		3,990
Administrative Expense	0	8	5,000			5,000					5,000		5,000
Selling Expense	0	8	1,875			1,875					1,875		1,875
Bad Debt Expense	0					0	13	160			160		160
Insurance Expense	0					0	15	310			310		310
Depreciation Expense	0					0	16	1,680			1,680		1,680
Interest Expense	0					0	18	216			216		216
Rent Revenue	0								19	940	-940			940
Income Tax Expense	0						20	1,193			1,193		1,193
Hurricane Loss	0	10	1,000			1,000					1,000		1,000
TOTAL	$0		$220,934		$220,934	$0		$50,539		$50,539	$0		$61,224	$63,440	$20,265	$18,049
													$2,216			$2,216
													$63,440	$63,440	$20,265	$20,265

Part B: Due Tuesday, March 28: You mustsubmit printouts work. of your l. Prepare the required financial statements for Widgets R Us, Inc. that classifies Prepare a 2016 condensed, multiple-step income statement expense is 60% operating expenses into selling and administrative. Salaries selling and 90% selling and 40% administrative. Insurance expense is 10% and computer administrative. Depreciation expense on furniture and fixtures equipment is a selling expense, and depreciation expense on the building and copier is an administrative expense. Bad debt expense is a selling expense. Prepare a simple statement of retained earnings for the year ended 2016 Prepare a classified, comparative balance sheet for 2016 and 2015. 31, Prepare a complete statement of cash flows for the year ended December 2016, using the direct method to report operating cash flows and the transaction-based statement of cash flows introduced in this course. 2. Prepare the closing entries for 2016 3. Prepare a post-closing trial balance at December 31, 2016 Special Notes: as a single 1. To conserve space, all trial balances in the initial worksheet are displayed are column in which all debit balances are positive numbers and all credit balances negative numbers. Note that the credit balances show up in red. In contrast, the work- sheet transaction entries and adjusting entries have both a debit and credit column. 2. You are encouraged to work in teams on this assignment but the maximum team size allowed is three members. Each team member must work on all parts of the project and the project requirements must not be split up in any way