ACC 280 Problem 4-3A The completed financial statement columns of the worksheet for Woods Company, Inc.

XACC 280 Problem 4-3A The completed financial statement columns of the worksheet for Woods Company, Inc.

ACC 280 P4-3A Woods Company, Inc.

Principles of Accounting: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley. Axia College of University of Phoenix (UoP)

Problem 4-3A The completed financial statement columns of the worksheet for Woods Company, Inc. are shown below.

Problems: Set A 183

Adjusted Account Trial Balance

No. Account Titles Dr. Cr.

130 Prepaid Insurance 4,400 151 Office Equipment 44,000 152 Accumulated Depreciation—Office Equipment 20,000 200 Notes Payable 20,000 201 Accounts Payable 8,000 212 Salaries Payable 2,600 230 Interest Payable 1,000 311 Common Stock 30,000 320 Retained Earnings 6,000 332 Dividends 12,000 400 Service Revenue 77,800 610 Advertising Expense 12,000 631 Supplies Expense 3,700 711 Depreciation Expense 8,000 722 Insurance Expense 4,000 726 Salaries Expense 39,000 905 Interest Expense 1,000 Totals 165,400 165,400

WOODS COMPANY, INC.

Worksheet

For the Year Ended December 31, 2008

Account Income Statement Balance Sheet

No. Account Titles Dr. Cr. Dr. Cr.

101 Cash 8,200 112 Accounts Receivable 7,500 130 Prepaid Insurance 1,800 157 Equipment 28,000 167 Accumulated Depreciation 8,600 201 Accounts Payable 11,700 212 Salaries Payable 3,000 311 Common Stock 20,000 320 Retained Earnings 14,000 332 Dividends 7,200 400 Service Revenue 44,000 622 Repair Expense 5,400 711 Depreciation Expense 2,800 722 Insurance Expense 1,200 726 Salaries Expense 35,200 732 Utilities Expense 4,000 Totals 48,600 44,000 52,700 57,300

Net Loss 4,600 4,600 48,600 48,600 57,300 57,300

Instructions

(a) Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008.

(b) Prepare the closing entries.

(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post-closing trial balance.

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