26 Feb The completed financial statement columns of the w
The completed financial statement columns of the worksheet for Carlos Company are shown on the next page. CARLOS COMPANY Worksheet For the Year Ended December 31, 2012 Income Statement Balance Sheet Account Dr. Cr. Dr. Cr. No. Account Titles 6,200 101 Cash 7,500 112 Accounts Receivable 1,800 130 Prepaid Insurance 33,000 157 Equipment 8,600 167 Accumulated DepreciationEquip. 11,700 201 Accounts Payable 3,000 212 Salaries and Wages Payable 34,000 301 Owner’s Capital 7,200 306 Owner’s Drawings 46,000 400 Service Revenue 4,400 622 Maintenance and Repairs Expense 2,800 711 Depreciation Expense 1,200 722 Insurance Expense 35,200 726 Salaries and Wages Expense 4,000 732 Utilities Expense 47,600 46,000 55,700 57,300 Totals 1,600 1,600 Net Loss 47,600 47,600 57,300 57,300Instructions(a) Prepare an income statement, owner’s equity statement, and a classified balance sheet. B. Carlos made an additional investment in the business of $4,000 during 2012.(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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