Question 2 An adjusted trial balance for Woods Company is presented below. Woods Company Adjusted Trial Balance For the Year Ended December 31, 2012 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Accounts payable D. Woods, capital D. Woods, drawing Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salary expense Insurance expense Utilities expense Depreciation expense Delivery expense Interest revenue Interest expense Total $45,000 50,000 96,000 100,000 36,000 30,000 25,000 260,000 52,000 9,000 19,000 10,000 15,000 $20,000 56,000 201,000 455,000 company. 3. Prepare the post-closing trial balance. 28,000 13,000 $760,000 $760,000 Required: 1. Prepare the company's closing entries. 2. Prepare a multiple-step income statement, statement of owner's equity and balance for the

Question 2 An adjusted trial balance for Woods Company is presented below. Woods Company Adjusted Trial Balance For the Year Ended December 31, 2012 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Accounts payable D. Woods, capital D. Woods, drawing Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salary expense Insurance expense Utilities expense Depreciation expense Delivery expense Interest revenue Interest expense Total $45,000 50,000 96,000 100,000 36,000 30,000 25,000 260,000 52,000 9,000 19,000 10,000 15,000 $20,000 56,000 201,000 455,000 company. 3. Prepare the post-closing trial balance. 28,000 13,000 $760,000 $760,000 Required: 1. Prepare the company's closing entries. 2. Prepare a multiple-step income statement, statement of owner's equity and balance for the

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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View Policies Current Attempt in Progress Whispering Winds Corporation uses a perpetual inventory system and had inventory worth $88,500 at the beginning of the year. Purchases were made during the year for $393,000; however, 10% of these goods were returned to the supplier, and a 3% discount was taken on the remaining balance owing. Whispering Winds paid $3,500 cash for freight to ship the inventory to its location during the year. Whispering Winds reported cost of goods sold for the year of $295,000. Whispering Winds has a calendar year end. What is the balance in the inventory account at the end of the year? Balance If Whispering Winds counted its actual inventory balance as $118,000 at the end of the year, what adjusting entry, if any, would be made? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit…
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