Question

GLS Complete worksheet, prepare financial statements, closing entries, and post-closing trial balance (L01 2.4 The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Dr. Account No. 101 112 126 130 157 ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Cr. Cash 5.300 Accounts Receivable 10.800 Supplies 1,500 Prepaid Insurance 2.000 Equipment 27,000 Accumulated Depreciation Equipment 5,600 Notes Payable 15,000 Accounts Payable 6.100 Salaries and Wages Payable 2,400 Interest Payable 600 Common Stock 10,000 Retained Earnings 3,000 Dividends 7,000 Service Revenue 61,000 Advertising Expense 8,400 Supplies Expense 4,000 Depreciation Experise 5600 Insurance Expense 3,500 Salaries and Wages Expense 28,000 Interest Expense 600 Totals 103,700 103,700 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns Net income $10,900 (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: 55,000 of the notes payable become due in 2020.) Current assets $19,600 Current liabilities 514,100 (c) Prepare the closing entries. Use J14 for the joumal page (d) Post the closing entries. Use the three-column form of account.) Income Summary is No. 350 (e) Prepare a post-closing trial balance. Post-closing trial balance 546,600

Answer 1

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(a) Complete worksheet :

А В E G ALSHWER COMPANY 1 Worksheet 2 For the year ended December 31, 2019 3 Adjusted Trial Balance Credit Income Statement Balance Sheet 4 Account Names Credit Debit Debit Debit Credit 5 5300 B6 6 Cash 10800 7 Accounts Receivable =B7 8 Supplies 9 Prepaid insurance 10 Equipment Accumulated Depreciation-Equipment 1500 -B8 2000 27000 -B9 -B10 5600 6100 600 =C11 C12 -C13 -C14 11 12 Accounts Payable 13 Interest Payable 14 Salaries and wages payable 15 Notes payable 2400 15000 -C15 -C16 16 common stock 10000 Retained earnings 3000 -C17 17 7000 -B18 18 Dividends 61000 19 Sales revenue -C19 20 Salaries and wages expense 28000 -B20 -B21 21 Advertising expense 8400 -B22 -B23 -B24 -B25 -SUM(D6:D25)SUM(E6:E25-SUM(F6:F25)-SUM(G6:G25) 3500 5600 22 Insurance expense 23 Depreciation expense 24 Supplies Expense 25 Interest expense 4000 600 =SUM(C6: C25) SUM(B6:B25) 26 Total Net incomeE26-D26 =D26+D27 =D27 -G26+G27 27 =F26+F27 =E26+E27 28 Total

Results of the excel sheet are as follows:

А C E ALSHWER COMPANY 1 Worksheet 2 For the year ended December 31, 2019 3 Adjusted Trial Balance Income Statement Balance Sheet 4 Account Names Credit Debit Debit Credit Debit Credit 5 6 Cash 5,300 5,300 7 Accounts Receivable 10,800 10,800 8 Supplies 9 Prepaid insurance 10 Еquipment Accumulated 1,500 1,500 2,000 2,000 27,000 27,000 11 Depreciation Equipment 12 Accounts Payable 13 Interest Payable 14 Salaries and wages payable 15 Notes payable 5,600 5,600 6,100 6,100 600 600 2,400 2,400 15,000 15,000 10,000 10,000 16 common stock Retained earnings 17 3,000 3,000 7,000 18 Dividends 7,000 19 Sales revenue 61,000 28,000 61,000 20 Salaries and wages expense 28,000 21 Advertising expense 8,400 8,400 22 Insurance expense 3,500 3,500 23 Depreciation expense 24 Supplies Expense 25Interest expense 5,600 5,600 4,000 4,000 600 600 50,100 61,000 53,60042,700 26 Total 103,700 103,700 Net income 10,900 10,900 27 61,000 61,00053,60053,600 28 Total (D L

(b)

Income statement, retained earnings, and classified balance sheet is prepared as follows:

В E F ALSHWER COMPANY ALSHWER COMPANY 31 Statement of Retained Earnings Income Statement 32 For Year Ended December 31, 2019 For the year ended December 31, 2019 33 Details Amount Amount (S) Particulars Particulars (S) (S) 34 Sales revenue Retained earnings, December 3000 61000 35 31, 2018 10900 36 Plus: Net income -B35+B36 Less: Supplies Expense Interest expense 4000 37 Less: Dividends 38 7000 600 Retained earnings, December Salaries and wages expense B37-B38 28000 39 31, 2019 Advertising expense Insurance expense 8400 40 3500 41 Depreciation expense -SUM (F37 :F42) 5600 42 Net income -G35-G42 43

A В C Balance Sheet 46 As on December 31, 2019 47 (S) Amount Particulars Details (S) 48 Assets 49 50 Current Assets 5300 51 Cash 10800 2000 52 Accounts receivable 53 Prepaid Insurance 54 Supplies 1500 55 Fixed assets 27000 56 Equipment 57 Less: Depreciation -B56-B57 5600 -SUM(C51:C57) 58 Total Assets Liabilities 59 60 Current Liabilities 61 Accounts payable 62 Notes payable 63 Interest payable 64 Salary payable 6100 15000 600 2400 -SUM(B61:B64) 65 Total current liabilities Owner's Equity 66 10000 6900 -C65+C67+C68 67 Common stock 68 retained earnings 69 Total liabilities and owner's equity

Results of the excel sheet are as follows:

В C D E F G ALSHWER COMPANY ALSHWER COMPANY 31 Statement of Retained Earnings Income Statement 32 For Year Ended December 31, 2019 For the year ended December 31, 2019 33 Details Amount Amount Particulars Particulars (S) Retained earnings, December (S) (S) 34 Sales revenue 61,000 3,000 35 31, 2018 36 Plus: Net income 10.900 Less: Supplies Expense Interest expense 37 13,900 4,000 Less: Dividends 38 7,000 600 Salaries and wages expense earnings Retained 6,900 39 December 31, 2019 28,000 Advertising expense Insurance expense Depreciation expense 8.400 40 3,500 41 5,600 50,100 42 Net income 10,900 43 LL

A В C Balance Sheet 46 As on December 31, 2019 47 Details Amount Particulars (S) (S) 48 Assets 50 Current Assets 51 Cash 5,300 52 Accounts receivable 10,800 53 Prepaid Insurance 2,000 54 Supplies 1,500 55 Fixed assets 56 Equipment 57 Less: Depreciation 27,000 5,600 21,400 41,000 58 Total Assets Liabilities 59 60 Current Liabilities 61 Accounts payable 62 Notes payable 63 Interest payable 64 Salary payable 65 Total current liabilities 6,100 15,000 600 2,400 24,100 Owner's Equity 66 67 Common stock 10,000 68 retained earnings 69 Total liabilities and owner's equity 6,900 41,000