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Financial Accounting

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

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.


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).