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(a) Prepare an income statement, a retained earnings statement, and a classified statement of financial positions (amount in U.S. dollars).
(b) Prepare the closing entries.
(c) Post the closing entries, and underline and balance the accounts. (Use T-accounts.)
Income summary is account No.350.
(d) Prepare a post-closing trial balance.
ents, No. P4-3A The completed financial statement columns of the worksheet for Hubbs Company are shown below. Hubbs Company Worksheet For the Year Ended December 31, 2014 Statement of Income Financial Account Statement Position Account Titles Dr. Dr. Cr. Dr. Cr. 101 Cash 112 6,200 Accounts Receivable 7,500 130 Prepaid Insurance 1,800 157 Equipment 158 33,000 Accumulated Depreciation-Equip. 201 9,900 Accounts Payable 212 11,700 Salaries and Wages Payable 311 Share Capital-Ordinary 3,000 320 Retained Earnings 20,000 332 Dividends 9,700 400 4,000 Service Revenue 47,000 622 Maintenance and Repairs Expense 4,100 711 Depreciation Expense 3,300 722 Insurance Expense 2,200 726 Salaries and Wages Expense 35,200 732 Utilities Expense 4,000 Totals 48,800 47,000 52,500 Net Loss 54,300 1,800 1,800 48,800 48,800 54,300 54,300
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