The completed financial statement columns of the worksheet for Korver Company

Instructions

(a) Prepare an income statement, an owner?s equity statement, and a classified balance sheet.

(b) Prepare the closing entries. Korver did not make any additional investments during the year.(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.(d) Prepare a post-closing trialbalance.

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KORVER COMPANY Worksheet For the Year Ended December 31, 2012 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 8,900 101 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue 112 10,800 130 2,800 157 24,000 167 4,500 201 9,000 2,400 212 301 19,500 11,000 306 400 60,000 622 Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 1,600 711 3,100 722 1,800 726 30,000 732 1,400 37,900 60,000 Totals 57,500 35,400 Net Income 22,100 22,100 60,000 60,000 57,500 57,500