The completed financial statement columns of the worksheet for Hubbs Company are shown below.

Instructions
(a) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
(b) Prepare the closing entries.
(c) Post the closing entries, and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
(d) Prepare a post-closing trialbalance.

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Hubbs Company Worksheet For the Year Ended December 31, 2014 Income Statement Balance Sheet Account Account Titles No 101 112 130 Prepaid Insurance 157 Equipment 167 Accumulated Depreciation-Equip. 201 212 311 320 332 Dr Cr Cr. Cash Accounts Reccivable 6,200 7,500 1,800 33,000 9,900 11,700 3,000 20,000 9,700 Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenuc Maintenance and Re Depreciation Expense 4,000 47,000 622 pairs Expese 4,100 3,300 Income Statement Balance Sheet Account No. Account Titles Cr 722 726 732 Insurance Expense Salaries and Wages Expense Utilities Expense 2,200 35,200 4,000 Totals Net Loss 48,800 47,000 52,500 54,300 1,800 1,800 48,800 48,800 54,300 54,300