Winter Consulting, from Problem 4-2A, prepared an end-of-period spreadsheet (work sheet) at December 31, 2015, the end of the current fiscal year (shown below).
Instructions
1. Prepare an income statement for the year ended December 31.
2. Prepare a statement of owner€™s equity for the year ended December 31. No additional investments were made during the year.
3. Prepare a balance sheet as at December 31.
4. On the basis of the end-of-period spreadsheet (work sheet), journalize the closing entries.
5. Prepare a post-closing trial balance.

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Winter Consulting End-of-Period Spreadsheet (Work Sheet) For the Year Ended December 31, 2016 Unadjusted Trial Balance Adjusted Adjustments Trial BalanceIncome Statement Balance Sheet 6 Account Title 5,100 5,100 13,950 b) 900 2,700 400,000 5,100 13,950 2,700 9 Accounts Receivable 10 Prepaid Insurance 12,750 400,000 80.000 a) 1,200 12 Acc. Depr.-Building 84,000 9,750 439,875 80,000 (c) 8,500 92,500 9,750 439,875 81,200 92,500 9.750 439,875 80,000 80,000 14 Accounts Payable 15 Unearned Rent 16 Greg Lewis, Capital 17 Greg Lewis, Withdrawals 18 Fees Revenue 19 Advertising Expense 20 Depreciation Expense 21 Insurance Expense 22 Miscellaneous Expense 20,000 20,000 (a) 1,200 86,800 8,500 86,800 8,500 (c) 8,500 900 5,875 5,875 614.125 614,125 10.600 10 623,825 623,825 102.075 81 521,750 542,625 24 Net loss 20,875 20,875 102.075 102.075 542,625 542.625