Reference no: EM13752158
The adjusted trial balance columns for William Company are as follows on Dec 31, 2014. Debit Credit 101 Cash 17,800 a) Prepare an income statement, a retained earnings statement, and a classified balance sheet, Dec 31, 2014. 112 Accounts Receivable 14,400 (Note: $5,000 of the notes payable become due in 2015.) 126 Supplies 2,300 130 Prepaid Insurance 4,400 151 Equipment 46,000 152 Accumulated Depreciation-Equip 18,000 200 Notes Payable 20,000 201 Accounts Payable 8,000 212 Salaries and Wages Payable 2,600 230 Interest Payable 1,000 311 Common Stock 15,000 320 Retained Earnings 9,800 332 Dividends 12,000 b) Prepare the closing entries 400 Service Revenue 86,200 610 Advertising Expense 10,000 631 Supplies Expense 3,700 711 Depreciation Expense 6,000 722 Insurance Expense 4,000 726 Salaries and Wages Expense 39,000 905 Interest Expense 1,000 Totals 160,600 c) Calculate Gross profit rate and profit margin
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