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Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. (LO 1, 2, 3, 6) GLS P4-2B The adjusted trial balance columns of the worksheet for Greenwood Company are as follows. Account No. 101 112 126 130 157 158 200 201 212 230 311 320 332 400 610 631 711 722 726 905 GREENWOOD COMPANY Worksheet For the Year Ended December 31, 2015 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Totals Adjusted Trial Balance Dr. Cr. 18,800 16,200 2,300 4,400 46,000 12,000 10,000 3,700 8,000 4,000 39,000 1,000 165,400 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2016.) 20,000 20,000 8,000 2,600 1,000 15,000 11,000 87,800 165,400 Problems: Set B 209 (a) Net income $22,100 (b) Current assets $41,700 Current liabilities $16,600

Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. (LO 1, 2, 3, 6) GLS P4-2B The adjusted trial balance columns of the worksheet for Greenwood Company are as follows. Account No. 101 112 126 130 157 158 200 201 212 230 311 320 332 400 610 631 711 722 726 905 GREENWOOD COMPANY Worksheet For the Year Ended December 31, 2015 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Totals Adjusted Trial Balance Dr. Cr. 18,800 16,200 2,300 4,400 46,000 12,000 10,000 3,700 8,000 4,000 39,000 1,000 165,400 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2016.) 20,000 20,000 8,000 2,600 1,000 15,000 11,000 87,800 165,400 Problems: Set B 209 (a) Net income $22,100 (b) Current assets $41,700 Current liabilities $16,600

FINANCIAL ACCOUNTING
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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Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. (LO 1, 2, 3, 6) GLS P4-2B The adjusted trial balance columns of the worksheet for Greenwood Company are as follows. Account No. 101 112 126 130 157 158 200 201 212 230 311 320 332 400 610 631 711 722 726 905 GREENWOOD COMPANY Worksheet For the Year Ended December 31, 2015 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Totals Adjusted Trial Balance Dr. 18,800 16,200 2,300 4,400 46,000 12,000 10,000 3,700 8,000 4,000 39,000 1,000 165,400 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2016.) Cr. 20,000 20,000 8,000 2,600 1,000 15,000 11,000 87,800 165,400 Problems: Set B 209 (a) Net income $22,100 (b) Current assets $41,700 Current liabilities $16,600
Transcribed Image Text:Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. (LO 1, 2, 3, 6) GLS P4-2B The adjusted trial balance columns of the worksheet for Greenwood Company are as follows. Account No. 101 112 126 130 157 158 200 201 212 230 311 320 332 400 610 631 711 722 726 905 GREENWOOD COMPANY Worksheet For the Year Ended December 31, 2015 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Totals Adjusted Trial Balance Dr. 18,800 16,200 2,300 4,400 46,000 12,000 10,000 3,700 8,000 4,000 39,000 1,000 165,400 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2016.) Cr. 20,000 20,000 8,000 2,600 1,000 15,000 11,000 87,800 165,400 Problems: Set B 209 (a) Net income $22,100 (b) Current assets $41,700 Current liabilities $16,600
208 P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. statements, and adjusting and closing entries. (LO 1, 2, 3, 6) (a) Adjusted trial balance $59,100 PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 (b) Net income $8,280 Total assets $50,330 Account Titles 4 Completing the Accounting Cycle Cash Accounts Receivable Supplies Prepaid Insurance Equipment Trial Balance Dr. 11,400 5,620 1,050 2,400 30,000 Account Titles Notes Payable Accounts Payable Common Stock Dividends Cr. Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense Trial Balance Dr. 600 2,200 1,300 1,200 200 55,970 XLS Cr. 10,000 12,350 20,000 13,620 55,970 Other data: 1. Supplies on hand total $280. 2. Depreciation is $800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. (d) Journalize the closing entries from the financial statement columns of the worksheet.
Transcribed Image Text:208 P4-1B Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial Prepare worksheet, financial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows. statements, and adjusting and closing entries. (LO 1, 2, 3, 6) (a) Adjusted trial balance $59,100 PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 (b) Net income $8,280 Total assets $50,330 Account Titles 4 Completing the Accounting Cycle Cash Accounts Receivable Supplies Prepaid Insurance Equipment Trial Balance Dr. 11,400 5,620 1,050 2,400 30,000 Account Titles Notes Payable Accounts Payable Common Stock Dividends Cr. Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense Trial Balance Dr. 600 2,200 1,300 1,200 200 55,970 XLS Cr. 10,000 12,350 20,000 13,620 55,970 Other data: 1. Supplies on hand total $280. 2. Depreciation is $800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. (d) Journalize the closing entries from the financial statement columns of the worksheet.
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