The completed financial statement columns of the worksheet for Woods Company Inc. 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 rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post-closing trialbalance.

Transcribed Image Text:

WOODS COMPANY INC. For the Yr Ended December 31, 2011 Income Statement Balance Sheet Account No. Account Titles Dr 101 112 130 157 167 201 212 311 7.500 1,800 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Repair Expense Depreciation Expense Insurance Expense Salaries Expense Utilities Expense 8,600 11,700 3,000 20,000 14.000 7,200 44,000 5.400 1.200 35,200 4,000 732 Totals Net Loss 48,600 44,000 52,700 57 300 4,600 4,600 48,600 57300 57300