The completed financial statement columns of the worksheet for Fleming Company are shown below.

Instructions
(a) Prepare an income statement, an owner’s equity statement, and a classified balance sheet.
(b) Prepare the closing entries. J. Fleming did not make any additional investments during the year.
(c) Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
(d) Prepare a post-closing trialbalance.

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FLEMING COMPANY Worksheet For the Year Ended December 31, 2014 8 Ac Income Statement Balance Sheet count No 101 112 Accounts Receivable 130 Account Titles Cr Dr 8,900 10,800 2,800 24,000 Cash 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 4,500 9,000 158 201 212 301 306 400 622 19,500 11,000 60,000 722 726 732 1,600 3,100 1,800 30,000 1,400 Totals Net Income 37,900 60,000 57,500 35,400 22,100 60,000 60,000 57,500 57,500 22,100