08 Jun Question Problem 4-3A The completed financ
Question
Problem 4-3A The completed financial statement columns of the worksheet for Fleming Company are shown below: FLEMING COMPANY Worksheet For the Year Ended December 31, 2014 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,810 112 Accounts Receivable 10,852 130 Prepaid Insurance 2,785 157 Equipment 23,965 167 Accumulated Depreciation—Equip. 4,317 201 Accounts Payable 9,145 212 Salaries and Wages Payable 2,426 301 Owner’s Capital 19,822 306 Owner’s Drawings 11,328 400 Service Revenue 59,504 622 Maintenance and Repairs Expense 1,528 711 Depreciation Expense 2,919 722 Insurance Expense 1,986 726 Salaries and Wages Expense 29,705 732 Utilities Expense 1,336 Totals 37,474 59,504 57,740 35,710 Net Income 22,030 22,030 59,504 59,504 57,740 57,740 Prepare an income statement. FLEMING COMPANY Income Statement For the Year Ended December 31, 2014 $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare owner’s equity statement. (List items that increase owner’s equity first.) FLEMING COMPANY Owner’s Equity Statement For the Year Ended December 31, 2014 $ : : $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet. (List current assets in order of liquidity.) FLEMING COMPANY Balance Sheet December 31, 2014 Assets $ $ : $ Liabilities and Owner’s Equity $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the closing entries. J. Fleming did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account.) Dec. 31 (To close expense accounts.) Dec. 31 (To close net income / (loss).) Dec. 31 (To close drawings.) SHOW LIST OF ACCOUNTS LINK TO TEXT Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Owner’s Capital No. 301 Owner’s Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a post-closing trial balance. FLEMING
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