Sunday 7 October 2012


Problem 4-3a
The completed financial statement columns of the worksheet for Woods Company are shown below.
WOODS COMPANY
Worksheet
For the Year Ended December 31, 2010



Income Statement
Balance Sheet
Acc. 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
301

S. Woods, Capital



34,000
306

S. Woods, Drawing


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
Complete the income statement, owner's equity statement, and a classified balance sheet. S. Woods made an additional investment in the business of $4,000 during 2010. 



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