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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--.

images

Required

  1. 1. Complete the work sheet. (Skip this step if using CLGL.)
  2. 2. Prepare an income statement.
  3. 3. Prepare a statement of owner’s equity. Assume that there was an additional investment of $5,000 on March 13.
  4. 4. Prepare a balance sheet.
  5. 5. Journalize the closing entries using the four steps in the correct sequence.
  6. 6. Prepare a post-dosing trial balance.

Check Figure

Post-closing trial balance total, $31,765

1.

To determine

Indicate the given adjustments and complete the worksheet for WM Services for the year ended March 31, 20--.

Explanation

Worksheet: Worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements. Worksheet is a central place where trial balance, adjustments, adjusted trial balance, income statement, and balance sheet are presented...

2.

To determine

Prepare an income statement for WM Services for the year ended March 31, 20--, based on the account balances from worksheet of Part (1).

3.

To determine

Prepare a statement of owners’ equity for WM Services for the year ended March 31, 20--. (Refer to net income computed in Part (2)).

4.

To determine

Prepare a balance sheet for WM Services, based on the account balances from work sheet in Part (1), and capital of the owner from the statement of owners’ equity prepared in Part (3).

5.

To determine

Prepare closing entries.

6.

To determine

Prepare a post-closing trial balance for WM Services as at March 31, 20--.

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