Problem 4-03A a-d (Video) The completed financial statement columns of the works

Question

Problem 4-03A a-d (Video) The completed financial statement columns of the worksheet for Sandhill Company are shown as follows: Sandhill Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr. No. 101 112 130 157 158 201 212 301 306 400 622 8,700 11,000 3,000 23,800 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Equip Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 4,400 9,100 2,500 19,400 10,300 59,600 722 726 732 1,800 3,100 1,700 30,100 1,500 Totals 38,200 59,600 56,800 35,400 21,400 59,600 59,600 56,800 56,800 Net Income 21,400

Explanation / Answer

Income statement Service revenue 59600 Expense Maintenance and repair expense 1800 Depreciation expense 3100 Insurance expense 1700 Salaries and wages expense 30100 Utilities expense 1500 Total expense 38200 Net income 21400 Owners equity Owners capital beginning 19400 Add Net income 21400 40800 Less Owners drawings 10300 Owners capital ending 30500 Classified balance sheet Assets Current assets Cash 8700 Accounts receivable 11000 Prepaid insurance 3000 Total current assets 22700 Plant property and equipment Equipment 23800 Accumulated depreciation equipment -4400 19400 Total assets 42100 Liabilities and owners equity Liabilities Current liabilities Accounts payable 9100 Salaries and wages payable 2500 Total current liabilities 11600 Owners equity Owners capital 30500 Total liabilities and owners equity 42100 Closing entries 1 Service revenue 59600                 Income summary 59600 2 Income summary 38200 Maintenance and repair expense 1800 Depreciation expense 3100 Insurance expense 1700 Salaries and wages expense 30100 Utilities expense 1500 3 Income summary 21400                  Owners capital 21400 4 Owners capital 10300                 Owners drawings 10300 Post closing trial balance Debit Credit Cash 8700 Accounts receivable 11000 Prepaid insurance 3000 Equipment 23800 Accumulated depreciation equipment 4400 Accounts payable 9100 Salaries and wages payable 2500 Owners capital 30500 Total 46500 46500

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