Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 17 Jan 2018 My Price 10.00

Carlos Company

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 Depreciation—Equip.

      

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

57,300

Instructions

(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.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Jan 2018 07:01 PM My Price 10.00

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