The completed financial statement columns of the worksheet for Muddy 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. Melissa 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.

MUDDY COMPANY Worksheet For the Year Ended December 31, 2010 Income Statement Dr. Balance Sheet Account Account Titles Cr. Dr. No. C. 101 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Melissa Muddy. Capital Melissa Muddy, Drawing 17.900 10,800 112 130 2,800 157 21,000 167 4,500 201 212 9,000 2,400 301 28,500 306 11,000 Income Statement Balance Sheet Account Account Titles Cr. No. Dr. Cr. Dr. Service Revenue 56,000 400 1,600 2,100 1,800 30,000 622 Repair Expense Depreciation Expense Insurance Expense Salaries Expense Utilities Expense 711 722 726 732 1,400 36,900 63,500 Totals 56,000 44,400 19,100 Net Income 19,100 63,500 56,000 56,000 63,500