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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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