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

Instructions
(a) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
(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.

Transcribed Image Text:

Lathrop Company Worksheet For the Year Ended December 31, 201 Income Statement Balance Sheet Account No 101 112 130 157 167 201 Account Titles Dr. Cr. Cr. Cash Accounts Receivabloe Prepaid Insurance Equipment Accumulated Depreciation-Equip Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenuc Maintenance and Repairs Expense 8,900 10,800 2,800 28,000 4,500 2,000 2,400 12,000 16,400 311 320 332 8,000 56,000 622 Account No. 1,600 Income Statement Balance Sheet Account Titles Dr Cr Cr. 722 726 732 Depreciation Expensc Insurancc Expense Salaries and Wages Expense Utilities Expense 3,000 1,800 27,000 1,400 Totals Nct Income 34,800 56,000 58,500 37,300 21,200 56,000 56,000 58,500 58,500 21,200