The completed financial statement columns of the worksheet for Muddy 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 rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post-closing trialbalance.

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MUDDY COMPANY Worksheet For the Year Ended December 31, 2011 Account Income Statement Balance Sheet Account Titles Dr. 101 Cash 17,900 10,800 Accounts Receivable 130 157 167 Prepaid Insurance Equipment Accumulated Depreciation Accounts Pavable Salaries Payable Common Stock Retained Earnings Dividends Service Rev Repair Expense Depreciation Expense Insurance Expense Salaries Expense Utilities Expense 21,000 4.500 9,000 2.400 311 320 332 11.000 56,000 1,600 2,100 1,800 732 1.400 36,900 56,000 63,500 44.400 19,100 6,000 63500 63,500 Net Income 19,100 56,000