Niho Company has a fiscal year ending on December 31. Selected data from the December 31, 2021 worksheet are presented on the next page.
Instructions
(a) Complete the worksheet.
(b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. S. Niho made an additional investment in the business of $4,000 during 2021.
(c) Prepare the closing entries.
(d) Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
(e) Prepare a post-closing trial balance.

 

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Account No. Titles 101 Cash 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Acc. Depr.-Equip. 201 Accounts Payable 212 Salaries and Wages Payable 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 622 Maintenance and Repairs NIHO COMPANY Partial Worksheet For the Year Ended December 31, 2021 Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries and Wages Expense 732 Utilities Expense Totals Net Loss Totals Adjusted Trial Balance Dr. Cr. 6,200 7,500 1,800 33,000 7,200 4,400 2,800 1,200 35,200 4,000 103.300 8,600 11,700 3,000 34,000 46,000 103,300 Income Statement Dr. Cr. Balance Sheet Dr. Cr. Account No. Titles 101 Cash 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Acc. Depr.-Equip. 201 Accounts Payable 212 Salaries and Wages Payable 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 622 Maintenance and Repairs NIHO COMPANY Partial Worksheet For the Year Ended December 31, 2021 Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries and Wages Expense 732 Utilities Expense Totals Net Loss Totals Adjusted Trial Balance Dr. Cr. 6,200 7,500 1,800 33,000 7,200 4,400 2,800 1,200 35,200 4,000 103.300 8,600 11,700 3,000 34,000 46,000 103,300 Income Statement Dr. Cr. Balance Sheet Dr. Cr.

Answer rating: 100% (QA)

a Worksheet Account No 101 Cash 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 201 ... View the full answer