Question

closing trial ce 284.900 Set for Rahim Company (d) Post the closing account No. 350. (e) Prepare a post-closing trial balance. P4-3A The completed financial statement columns of the worksheet Ltd. are as follows. RAHIM COMPANY, LTD. Worksheet For the Year Ended December 31, 2017 Income Statement Dr. Cr. Statement of Financial Position Dr. 6,200 7,500 600 33,000 Account No. Account Titles 101 Cash 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation Equip. 201 Accounts Payable 212 Salaries and Wages Payable 311 Share Capital-Ordinary 320 Retained Earnings 332 Dividends 400 Service Revenue 622 Maintenance and Repairs Expense 711 Depreciation Expense 722 Insurance Expense Salaries and Wages Expense 732 Utilities Expense Totals Net Loss 9.900 10,700 3.000 20,000 9,700 4,000 47,000 726 4,100 3,300 2,400 35,200 4,000 49,000 47,000 2,000 51,300 53.300 2,000 53,300 49,000 49,000

Answer 1

RAHIM COMPANY LTD.
Income Statement
For the Year Ended December 31, 2014
Particulars	Details $	Amount $
Revenues
Service revenue		47,000
Salaries expense	35,200
Maintenance & Repair expense	4,100
Utilities expense	4,000
Depreciation expense	3,300
Insurance expense	2,400
Total expenses		49,000
Net Loss		-2,000
RAHIM COMPANY LTD.
Statement of retained earnings
For the Year Ended December 31, 2014
Particulars	Amount $
Retained earnigns, January 1	9,700
Add Net Income	(2,000)
	7,700
Less Dividends	(4,000)
Retained Earnings, December 31	3,700
RAHIM COMPANY LTD.
Balance sheet
For the Year Ended December 31, 2014
Particulars	Details $	Amount $
Cash	$6,200
Accounts receivable	7,500
Prepaid insurance	600
Total current assets		$14,300
Property, plant, and equipment
Equipment	33,000
Less: Accumulated depreciation	-9,900	23,100
Total assets		$37,400
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$10,700
Salaries& Wages payable	3,000
Total current liabilities		$13,700
Common stock	20,000
Retained earnings	3,700
Total stockholders’ equity		23,700
Total liabilities and stockholders’ equity		$37,400
General Journal
Account Titles	Ref.	Debit	Credit
Service Revenue		47,000
Income Summary			47,000
Income Summary		49,000
Salaries expense			35,200
Maintenance & Repair expense			4,100
Utilities expense			4,000
Depreciation expense			3,300
Insurance expense			2,400
Retained earnings		2,000
Income summary			2,000
Retained earnings		4,000
Dividends			4,000
	Retained earings
Dec-31	4,000	Dec-31	9,700
Dec-31	2,000
		Dec-31	3,700
	Dividends No. 306
Dec-31	4,000	Dec-31	4,000
	Income Summary No. 350
Dec-31	49,000	Dec-31	47,000
Dec-31	2,000
	Service Revenue No. 400
Dec-31	47,000	Dec-31	47,000
	Repair Expense No. 622
Dec-31	4,100	Dec-31	4,100
	Depreciation Expense No. 711
Dec-31	3,300	Dec-31	3,300
	Insurance Expense No. 722
Dec-31	2,400	Dec-31	2,400
	Salaries Expense No. 726
Dec-31	35,200	Dec-31	35,200
	Utilities Expense No. 732
Dec-31	4,000	Dec-31	4,000
RAHIM COMPANY LTD.
Post Closing Trial balance
For the Year Ended December 31, 2014
Particulars	Debit	Credit
Cash	$6,200
Accounts receivable	$7,500
Prepaid insurance	$600
Property, plant, and equipment	33,000
Accumulated depreciation		9,900
Accounts payable		$10,700
Salaries payable		$3,000
Common stock		20,000
Retained earnings		3,700
Total	$47,300	$47,300