The completed financial statement columns of the spreadsheet for Cullumber Company are shown as followEnter the balances from the adjusted trial balance and post the closingentries and calculate the balances of the accounts.(Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Owner's Drawings No. 306Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 The completed financial statement columns of the spreadsheet for Cullumber Company are shown as followAccountNo.101112130157158201212301306400622711722726732CashAccounts ReceivableWorksheetFor the Year Ended December 31, 2022Account TitlesCullumber CompanyPrepaid InsuranceEquipmentAccumulated Depreciation-Equip.Accounts PayableSalaries and Wages PayableOwner's CapitalOwner's DrawingsService RevenueTotalsMaintenance and Repairs ExpenseDepreciation ExpenseInsurance ExpenseSalaries and Wages ExpenseUtilities ExpenseNet IncomeIncome StatementDr.1,6002,9001,70030,4001,40038,00022,50060,500Cr.60,500Balance SheetDr.8,70010,6002,70023,60012,40060,500 58,00060,500 58,000Cr.4,6008,8002,40019,70035,50022,50058,000

Financial statement are a set of ducuments that show your company's financial status at a specific…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Account Cullumber Company Worksheet For the Year Ended December 31, 2022 Income Statement