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Problem 4-3A The completed financial statement columns of the worksheet for Bray Company are shown as...

Problem 4-3A The completed financial statement columns of the worksheet for Bray Company are shown as follows: BRAY COMPANY Worksheet For the Year Ended December 31, 2017 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 9,100 112 Accounts Receivable 10,700 130 Prepaid Insurance 2,600 157 Equipment 23,500 158 Accumulated Depreciation—Equip. 4,700 201 Accounts Payable 8,900 212 Salaries and Wages Payable 2,300 301 Owner’s Capital 19,900 306 Owner’s Drawings 11,800 400 Service Revenue 59,600 622 Maintenance and Repairs Expense 1,800 711 Depreciation Expense 3,200 722 Insurance Expense 1,600 726 Salaries and Wages Expense 29,800 732 Utilities Expense 1,300 Totals 37,700 59,600 57,700 35,800 Net Income 21,900 21,900 59,600 59,600 57,700 57,700 Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BRAY COMPANY Income Statement $ $ $ Link to Text Prepare owner’s equity statement. (List items that increase owner's equity first.) BRAY COMPANY Owner’s Equity Statement $ : : $ Link to Text Prepare a classified balance sheet. (List Current Assets in order of liquidity.) BRAY COMPANY Balance Sheet Assets $ $ : $ Liabilities and Owner’s Equity $ $ $ Link to Text Prepare the closing entries. L. Bray did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income / (loss)) Dec. 31 (To close drawings) Link to Text Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Owner’s Capital No. 301 Owner’s Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732 Link to Text Prepare a post-closing trial balance. BRAY COMPANY Post-Closing Trial Balance Debit Credit $ $ Totals $ $ Link to Text Question Attempts: Unlimited Save for later Submit Answer

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Expert Solution

BRAY COMPANY
Income Statement
For the Year Ended Dec 31, 2017
Revenues
Service Revenue    59,600.00
Expenses
Maintenance & Repair Expense        1,800.00
Depreciation Expense        3,200.00
Insurance Expense        1,600.00
Salaries & Wages Expense     29,800.00
Utilities Expense        1,300.00
Total Expenses    37,700.00
Net Income    21,900.00
BRAY COMPANY
Statement of Owners' Equity
For the Year Ended Dec 31, 2017
Beginning Balance    19,900.00
Net Income     21,900.00
Drawings (11,800.00)
Net Increase (Decrease) in Owners Equity    10,100.00
Ending Balance - Dec 31, 2017    30,000.00
BRAY COMPANY
Balance Sheet
As on Dec 31, 2017
Assets
Current Assets
Cash        9,100.00
Accounts Receivable     10,700.00
Prepaid Insurance        2,600.00    22,400.00
Property, Plant & Equipment
Equipment     23,500.00
Accumulated Depreciation     (4,700.00)    18,800.00
Total Assets    41,200.00
Liabilities & Owners' Equity
Liabilities
Current Liabilities
Accounts Payable        8,900.00
Salarie & Wages Payable        2,300.00    11,200.00
Other Liabilities                   -  
Total Liabilities    11,200.00
Owners' Equity    30,000.00
Total Liabilities & Owners' Equity    41,200.00
BRAY COMPANY
Closing Trial Balance
For the Year Ended Dec 31, 2017
Dr. Amt. Cr. Amt.
Cash 9100
Accounts Receivable 10700
Prepaid Insurance 2600
Equipment 23500
Accumulated Depreciation      4,700.00
Accounts Payable      8,900.00
Salarie & Wages Payable      2,300.00
Owner's Capital    30,000.00
Total     45,900.00    45,900.00
Closing Journal Entry
Date Particulars Dr. Amt. Cr. Amt.
31-Dec-17 Service Revenue     59,600.00
   Income Summary    59,600.00
(to record the closing entry for revenue)
31-Dec-17 Income Summary     37,700.00
   Maintenance & Repair Expense      1,800.00
   Depreciation Expense      3,200.00
   Insurance Expense      1,600.00
   Salaries & Wages Expense    29,800.00
   Utilities Expense      1,300.00
(to record the closing entry for expenses)
31-Dec-17 Income Summary     21,900.00
   Owner's Capital    21,900.00
(to record the closing entry for net income)
31-Dec-17 Owner's Capital     11,800.00
   Owner's Drawings    11,800.00
(to record the closing entry for drwaings)

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