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

Instructions
(a) 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 2014.
(b) Prepare the closing entries.
(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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NIHO COMPANY Worksheet For the Year Ended December 31, 2014 Income Statement Balance Sheet Account No. 101 112 130 157 158 201 212 301 306 400 622 Account Titles 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 6,200 7,500 1,800 33,000 8,600 11,700 3,000 34,000 7,200 46,000 4,400 2,800 1,200 722 726 732 35,200 4,000 Totals Net Loss 47,600 46,000 55,700 57,300 1,600 1,600 47,600 47,600 57,300 57,300