a) From the data in the worksheet, prepare a multi-step Statement of Income and a classified Balance Sheet. b) Prepare closing entries. c) Present a post-closing trial balance.

									Balance Sheet &
	Unadjusted				Adjusted				Statement of
	Trial Balance		Adjustments		Trial Balance		Income Statement		Owner's Equity
Account Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	17,920		54	1,717	16,257				16,257
Accounts receivable	42,350		725		43,075				43,075
Supplies	-		650		650				650
Prepaid rent	-		2,000		2,000				2,000
Prepaid insurance	-		3,350		3,350				3,350
Inventory	107,500				107,500				107,500
Equipment	90,000				90,000				90,000
Accumulated depreciation		27,000		9,000		36,000				36,000
Accounts payable		37,518	678			36,840				36,840
Wages payable		4,280	4,280	5,680		5,680				5,680
Interest payable		-		750		750				750
Note payable		45,000				45,000				45,000
Common stock		84,000				84,000				84,000
Retained earnings		42,500				42,500				42,500
Sales revenue		231,250				231,250		231,250
Cost of goods sold	142,990				142,990		142,990
Interest expense	-		1,022		1,022		1,022
Wage expense	31,250		5,680	4,280	32,650		32,650
Rent expense	24,000			2,000	22,000		22,000
Insurance expense	6,700			3,404	3,296		3,296
Supplies expense	4,650			650	4,000		4,000
Utility expense	4,188				4,188		4,188
Bank service charges	-		42		42		42
Depreciation expense	-		9,000		9,000		9,000
Totals	$ 471,548	$ 471,548	$ 27,481	$ 27,481	$ 482,020	$ 482,020	$ 219,188	$ 231,250	$ 262,832	$ 250,770
					Net Income			$ 12,062		$ 12,062