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    Financial Accounting

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    1.The adjusted trial balance columns of the worksheet for Goode Company are as follows:

    Goode COMPANY
    Worksheet (partial)
    For the Month Ended April 30, 2008

    Adjusted Trial Balance
    Income Statement Balance Sheet
    Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
    Cash 13,752
    Accounts Receivable 7,840
    Prepaid Rent 2,280
    Equipment 23,050
    Accumulated Depreciation 4,921
    Notes Payable 5,700
    Accounts Payable 5,672
    Common Stock 25,000
    Retained Earnings 5,960
    Dividends 3,650
    Service Revenue 15,590
    Salaries Expense 10,840
    Rent Expense 760
    Depreciation Expense 671
    Interest Expense 57
    Interest Payable 57
    Totals 62,900 62,900

    Problem1: Complete the worksheet.

    Problem2: Prepare an income statement, a retained earnings statement, and a classified balance sheet.

    [Worksheet data for Goode Company are presented above. No common stock was issued
    during April].

    (a) Journalize the closing entries at April 30.
    (b) Post the closing entries to Income Summary and Retained Earnings.Use T accounts.
    (c) Prepare a post-closing trial balance at April 30.

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    Solution Summary

    This solution is comprised of a detailed explanation of the various aspects of Financial Accounting, for example preparation of Classified Balance Sheet, Income Statement, Post closing Trial Balance, etc. (in EXCEL).