Income Statement Columns Of The Worksheet

The completed financial statement columns of the worksheet for woods company are shown below.

Income statement columns of the worksheet. Supplies expense 600 depreciation expense 400 salaries expense 300 question 6 options. Sel true or false 1. Prepare an income statement owner s equity statement and a classified balance sheet. The income statement debit column of the worksheet showed the following expenses.

Greenwood did not make any additional investments in the business during 2017. If a company s revenues are 125 000 and its expenses are 113 000 in which financial statement columns of the worksheet will the net. The balances for the accounts listed below appear in the adjusted trial balance columns of the end of period spreadsheet work sheet. Accumulated depreciation a 5.

Income statement containing the adjusted balances for the revenue expense gain and loss accounts and. Income summary 1 200 capital 1 200 supplies expense 500 depreciation expense 400 salaries expense 300 income summary 1 200 income summary 1 300 supplies expense 600 depreciation expense 400 salaries expense 300 capital 1 200. B prepare an income statement owner s equity statement and a classifi ed balance sheet. 101 cash 8 200 112 accounts receivable 7 500 130 prepaid insurance 1 800 157 equipment 28 000 167 accumulated depreciation 8 600 201 accounts payable 11 700 212.

Under the income statement columns the difference between the total of the debit column and the credit column is the amount of net income. Indicate whether each balance should be extended to a an income statement column or b a balance sheet column. After the adjusting and closing entries have been recorded and posted the general ledger accounts that appear on the balance sheet have no balances. The last two columns generally found on the right side of the worksheet are the income statement columns.

Net income loss is the difference between the total debits and the total credits in the income statement columns of the worksheet. 5 000 of the notes payable become due in 2018 t. Woods company worksheet for the year ended december 31 2008 income statement balance sheet acc. Make sure to watch the previous videos on the adjustments and th.

P4 3a the completed financial statement columns of the worksheet for woods company are shown below. Instructions a complete the worksheet by extending the balances to the fi nancial statement columns. Closing entries can be prepared by referring solely to the income statement columns of the worksheet. Woods made an additional investment in the business of 4 000 during 2010.

Robinson drawing a 3. Balance sheet containing the adjusted balances for the asset liability and owner s equity accounts.